Timothy Ray Loff's Answers (25)

Archived

Is there a legal instrument that can be filed to override an existing situation (see below)?

Timothy's answer | Answered on November 10, 2014

At least in Massachusetts there is no overriding document that Dad could sign. He would need to change the Power of Attorney and Health Care Proxy...

Archived

What are tax consequences of selling a home in a life estate? Father and 2 sons. Is it better to deed home back to just father?

Timothy's answer | Answered on November 05, 2014

If the life estate is sold there will be capital gains taxes owed on the proportional proceeds to be paid to the sons, and possibly on any value...

Archived

How should joint bank accounts be handled when settling an estate?

Timothy's answer | Answered on November 03, 2014

I agree with the other answers, but would add that if the Executor has issued an Inventory of the assets of the estate which does not list those...

Archived

Our Mom sold her home (in a life estate with my sibling and me). What are tax consequences for the 3 of us, ie, capital gain?

Timothy's answer | Answered on October 28, 2014

I agree with the prior answer regarding the step-up in basis possibility regarding your mother's life interest. In addition she will likely have a...

Archived

Is there a statue of limitations for the final accounting to be completed by?

Timothy's answer | Answered on October 23, 2014

No, there is no statute of limitations for filing an account. But distributions from an estate must be made within 1 year from the date of death or...

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