I am a remainderman in a life estate deed in Massachusetts where my two parents are the grantors. One of my parents is deceased and my dad I am the guardian conservator for because he is legally incompetent and is almost 93.
Even though a remainder interest is a future interest it is a present property interest that you can not only transfer by Will on your death but also transfer to a trust to avoid probate.See question
Is there a process that needs to be done in regards to inherited savings bonds..I dont want to cash them out yet. I am looking to close out the estate but if I want to keep the savings bonds and not cash them yet can I leave them as is and then c...
Depending on the series and maturity date of the bond, Treasury Direct may allow you to make an in-kind re-registration of the bond directly into your name without cashing them out. See for example https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eedeath.htm
An in-kind transfer should be done before the probate estate is closed as Treasury Direct will require valid Letters of Authority from the court to make the transfer.
My father recently passed away. During his lifetime he wrote a will (in 1983) stating that my sister and I would "share and share alike" any real or personal property he had. In 1998 he wrote a trust naming her trustee and sole beneficiary of the ...
Sorry for your loss. In your question you state that "her lawyer told me". Given the likely amount of property involved you should really hire your own lawyer to look at the trust, the will, and any deed conveying property to the trust to make sure you're receiving everything you're entitled to.See question
I had a revocable trust created several years ago, which included my home. Soon after the trust was created, we rebuilt the house from the ground up (lot is the same, but footprint is different) and paid off the mortgage (no loans/liens left). ...
A search of your title would reveal whether the house is still owned by the trust. The assessor normally reflects that change on the property card but their records aren't definitive as to ownership. Two other issues you should consider is making sure your homestead is current (a change in law in 2010 changed how a homestead is declared when a house is owned by a trust) and second you may want to review your homeowner's insurance policy to make certain the trust is properly listed. An attorney can review all these things for you quite easily.See question
My uncle died owning a truck that is titled in his name as primary and another person as secondary. The other person is not related to my uncle. I have been appointed the PR in his estate by the court of Massachusetts. Does the truck automatically...
I'm sorry for your loss. Jointly owned property normally passes to the surviving owner upon the death of one of the owners and that transfer takes place automatically, outside of probate. Only solely owned property becomes part of the probate estate. If this truck was owned jointly then the surviving owner would be the sole owner. As personal representative of the estate you should make certain it is in fact not a probate asset and that your uncle and the estate is removed from the insurance policy. You may also want to check to make sure there is no debt associated with the truck.
Keep in mind that if there is a Massachusetts or Federal Estate Tax return filing obligation the truck will need to be reported as an asset on it.
My step farther was working on my step grandmother estate, he died suddenly and I don't know how far he got.
You can visit the probate court in the county where your step grandmother lived and ask to review her file. An attorney can guide you in this process and let you know what steps remain unfinished in the administration of her estate. You can also find out some information on www.masscourts.org but I find that some probate courts don't update that online docket sheet as quickly as others and may not show documents filed already.See question
Will there be negative tax consequences if I put my "sep" into my revocable trust.
I'm assuming by "sep" you are referring to a "SEP IRA" retirement account. A SEP IRA is a type of individual retirement account that individuals can own: not trusts. You can name certain trusts as a beneficiary of your SEP IRA but that should only be done after consultation with a professional tax adviser to ensure the trust you have named is a qualified trust by the IRS or if non-qualified the negative tax aspects don't outweigh the benefits what you're trying to achieve.
Additionally, trusts are a great device to address planning for lifetime incapacity but can only work on assets owned by the trust. If you have a SEP IRA you'll want to be sure you have a broad general power of attorney in place that can manage the SEP IRA for you in the event of an incapacity during your lifetime.
My father and his spouse quit claimed a house trailer in Florida to me for $1.00, the value of this trailer is $20,000. My dad and his wife had an automobile accident which brought my father health way down and almost to the point to sign up for ...
You need to review all the facts of this scenario with an attorney who can review the transfer rules that impact the type of medicaid benefits he is applying for. Before you transfer any property back to him you should review the pros and cons of doing so with an experienced elder law attorney.See question
My mother passed away but nothing has to go through Probate. However, I do need to pay her income taxes. Do I need to be appointed executor to do this? Or can I file them without being appointed as executor? If I need to be appointed can I file...
You may be able to file and sign her income tax return. The IRS defines "personal representative" broadly and it can mean the person appointed by a probate court but if no personal representative is appointed then it defaults first to a surviving spouse, if any, and then to any person in charge of the person's property. You may want to review this with a CPA or attorney to make sure you can file under all the facts and circumstances.See question
If someone dies and they had a Will but nothing actually has to go through Probate..should the Will still be filed with the Probate Court? If it doesnt have to be, is it recommended to be filed any way? And do I have to file a Petition for Probat...
M.G.L. ch. 190B §2-516 does impose a requirement that a Will for someone who has passed away be filed with the probate court within 30 days or to a person seeking to probate it. My practice is to file the original Will and certified copy of the death certificate in any case where probate is not needed. My rationale is that if 10 years from now an asset is located and someone needs to probate the Will I don't want to be responsible for storing the original or trying to hunt down a photocopy. The probate court doesn't charge a filing fee for this.See question