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Daniel Orville Kellogg's Answers
- 84 Legal Answers
- 7 Legal Guides
2
Attorney answers:
I want to stay married but want to protect my assets from my gambling husband what can I do this is a community property state.
Washington is a community property state, and it is presumed that any assets that you acquire during your marriage are in fact community property. So while it might be technically possible that either you or your husband could attempt to acquire real estate as your respective separate property, if you are using your community property wages to qualify for the loan, no reputable lender or title company will close the transaction unless title is taken in both names as community property. All...
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4
Attorney answers:
My mom has a house in her name and a loan through Bank of America around 60,000.. She wants to put the house in my name.
Your mother should definitely talk with an Elder Law Attorney who is familiar with Medicaid eligibility before she decides whether this is a good thing to do. Depending on her age and the expected condition of her health over the next 5 years, the Medicaid transfer penalty that she will incur by making this gift is a very significant potential risk. The Medicaid transfer penalty will preclude (or at least affect) her potential eligibility for Medicaid if she needs long-term care within the 5-...
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4
Attorney answers:
Wills Estate Washington
First of all, I want to compliment you and your wife for your desire to keep your estate plan up to date in view of the changing circumstances in your life. Please encourage your friends and neighbors to do so, also. It is true that Washington is a community property state. In essence, that means that all assets that are acquired by you and your wife during your marriage, except for gifts and inheritances that are kept as separate property, are deemed to be owned one-half by each of you....
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4
Attorney answers:
Can a will rescind a signed document that indicates that at death a propery goes to specific persons?
Answers from attorneys located in another state should be disregarded unless they are admitted to practice law in Washington. This matter will be governed by Washington law, and Washington has some specific statutory provisions which could have an important effect on the outcome of this difficult situation. The first problem is that this has nothing to do with you. Your mother is the one who needs to consult with an attorney. She is the one who has apparently entered into some contractual...
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2
Attorney answers:
In the state of Washington,
For an estate with an inventory value of less than $800,000 there should have been no state or federal estate tax liability. The only possible tax liability could be income tax due from the decedent for the final year of his/her life, or income tax due on any income earned by the estate following the date of death. However, it is pretty unlikely that there would be any significant income tax liability that would either require a significant amount of time, or constitute a significant expense....
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5
Attorney answers:
If I name my daughter as the beneficiary of my retirement accts, can she roll these funds into her own retirement acct tax-free?
If your ultimate objective is to create approximate equivalence in the value of your estate that passes to your two daughters, your objective is going to be difficult to accomplish because: (1) the value of the qualified plans and your home are going to vary from time to time in a very unpredictable fashion; and (2) the tax treatment of your qualified plans and your home will be so different in the hands of your daughters that it is difficult to even begin to calculate the ultimate effect....
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2
Attorney answers:
Grandmother is in need of a will, wants more than 50% of the value of her home.
Your grandmother has created a real problem for herself by not insisting that the separate property that she invested in her home be documented in her ownership of 75% of the home as her separate estate. It's not too late, although it will be difficult to prove the source of the funds and the intent of the parties. The main thing is that your grandmother needs to consult with her own lawyer. She has a definite conflict of interest with her husband. No single attorney should try to...
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4
Attorney answers:
Can i appoint a guarding for my 16 yo in the event of my death without her fathers approval since i don't know where he is at?
From a practical perspective, a 16 year old child is going to have a significant amount of influence over where she lives. And it is extremely unlikely that you will die before she turns 18 anyway. However, I would certainly recommend that you write a Will that designates an individual other than her father as her guardian. Then if you were to die before she turned 18, the court would have in evidence your choice on this important subject. Of course, the fact that he is her father would...
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2
Attorney answers:
What are the rules for drawing funds back from adult children when the parents transition to Medicaid having expended all funds?
While it is true that anyone can make an annual gift of not more than $13,000 to any other person without triggering any federal gift tax consequences, any gift in any significant amount will trigger Medicaid transfer penalty consequences for the donor (the person who makes the gift). If your parent's total taxable estate is less than $2.0 million, there will be no estate tax issues at the death of either parent (assuming that the federal estate tax exemption stays above that figure). If...
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5
Attorney answers:
How long does a power of attorney's term last?
You have presented a very difficult issue. First, it is generally true that your power of attorney is valid indefinitely. Washington has a statute that provides to that effect. However, your power of attorney could have been revoked by your grandmother - - - assuming that she had the legal capacity to make that decision. Also, you must review the specific terms of your power of attorney to see if it includes any language that would limit the term of its effectiveness. I assume that...
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