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Frank A Selden's Answers
- 946 Legal Answers
- 17 Legal Guides
2
Attorney answers:
What is a trust account and how does it work
A trust account in its broadest sense is not necessarily handled by an attorney. Numerous independent trust companies and banks have trust departments that hold assets in trust for beneficiaries. How the accounts work depend greatly on the documents that create the account. For example a trust account that is for a trust containing the term "My wayward son Johnny only has access to this money for issues concerning his health, education, maintenance and support. The trustee has full authory to...
19 people marked this answer as helpful
1
Attorney answers:
Can the IRS put a lien on social security for past due tax liability
The short answer is the IRS can do whatever they can get away with. The text book anserw is yes, up to 15%. Although IRC Section 6334 appears to exempt public assistance benefits, unemployment benefits and worker’s compensation benefits, Section 6331(h) allows for a levy of up to 15% on them. The IRS can levy up to 15% of any Federal payment provided that eligibility is not based on income or assets. Internal Revenue Manual 5.11.7.2.1 states that the IRS will not levy unemployment...
15 people marked this answer as helpful
5
Attorney answers:
Will converting my business from s corp to a c corp provide tax benefits
In general, you can convert an S corporation to a C corporation by voluntarily revoking the S election at any time. You and other shareholders may want to convert to a C corporation because of changes in the tax laws or to provide the corporation with more flexibility as the business evolves. Converting to a C corporation offers greater potential for broadening the investor base and raising capital (if the corporation decides to go public). It also allows the business to offer a wider range...
16 people marked this answer as helpful
3
Attorney answers:
I know my father left my sister & I something in his will. Our half brother is executor. We do not speak and no will has been
You can't "make" him file the will because perhaps there isn't one. The will may be invalid or may have been revoked. If you believe there is a will then petition the probate court for its admittance. In Illinois, there are rarely, if ever, will "readings" where the family comes together in the lawyer's office to be told what they are to receive from the deceased person. Instead, in Illinois, a will is a document of public record. Whether or not a will is probated, the law requires that the...
6 lawyers agreed with this answer
2
Attorney answers:
Can a probated will/estate case in California be reopened under any circumstances?
Circumstances include new heirs, new assets, new creditors. For example, if the issue is new assets, California Probate Code Probate Code § 11642 states that "any property acquired or discovered after the court order for final distribution is made shall be distributed in the following manner: (a) If the order disposes of the property, distribution shall be made in the manner provided in the order. The court may, in an appropriate case, require a supplemental account and make further...
4 lawyers agreed with this answer
1
Attorney answers:
WA state probate and estate planning law, beneficiaries dispute with executor and distribution of assets
There is a huge difference between challenging the actions of the estate's personal representative (PR) and challenging the will. You are actually helping the court uphold the will by challenging the PR. You may be coming up against some timelines soon I suggest contacting a probate litigation attorney asap to protect your rights. Your mother and you cannot be eliminated as heirs because you pursue actions against the PR. Not all probate attorneys practice litigation. If you need some names...
7 people marked this answer as helpful
4
Attorney answers:
I want to specify my adult daughter as a contingent beneficiary for my 401k.
401(k) Plans do not pass under your will or under a Trust. Instead they pass according to minimum federal rules and according to the rules of the Plan. When looking at your options for transferring money from a 401k plan to a beneficiary, it is important to realize that each 401k plan has its own set of rules. The IRS sets the outside limits of what plans may do, but a plan is allowed to be more restrictive than that general framework. For example, the IRS may say it is OK for the beneficiary...
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1
Attorney answers:
How do you close a Trust as Seccessor Trustee?
the trust is essentially closed when it is empty. Canceling the EIN with the IRS is a good idea. The letter is not legally necessary but sounds like a good idea as well. If the trust document requires her to give a final accounting to anyone then that should be done as well.
5 people marked this answer as helpful
1
Attorney answers:
Private School Tuition Contract
In reverse order. I certainly support people learning their legal rights in any situation including bankruptcy. However, you should know that personal bankruptcy now involves (since 2005) credit counselling. It would not make this debt go away, only add it to the pile. As to a judge... I learned long ago not to predict judges even on someone clearly one-sided. Some contracts require you to go to mediation first. Of course that is more their recourse than yours. All you have to do is withdraw...
8 people marked this answer as helpful
3
Attorney answers:
I am a 57 yr old single female with no savings and no retirement plan. If I default on my mortgage will BOA garnish my income?
Fully agree with both previous answers. BofA cannot, on its own, just garnish your wages. They need to follow certain processes and they have other options. Just the fact that the house is underwater isn't enough to walk away from it, though. How much will it really save you to walk away from this house? There are real estate attorneys who can help you ensure that your rights are followed in the process. The rules are very complex and differ between the bank's available courses of action.
2 lawyers agreed with this answer