My spouse and I currently have a disclaimer trust for (1/2 each) the house asset, and I have adult children from a prior marriage. I would like to place my Investments, IRAs and 1/2 the house into a trust (or other vehicle) which would provide inc...
Most people looking to accomplish what you are discussing here would form a Qualified Terminable Interest Property (QTIP) trust. You have to be careful with IRAs but you can still accomplish this with the correct trust(s). You may be referring to the fact that NJ has repealed the estate tax, which is true, and most NJ residents now have less to worry about with NJ estate tax - at least after 2017 under current law.See question
My closest friend died. He doesn't have much in his estate.. That said, his biological son wants the whole estate and shut me and my kids out. My 12 yo son is likely the biological child of this friend. We knew it but never addressed it or announc...
It is very clear you need a lawyer. You don't say if the person has a will or not but it sounds like at some level you will need to do DNA testing. If there is not much to fight over, you have to decide if it is worth it as starting a matter that will involve these types of issues will costs at least several thousand dollars.See question
My mother was on state aid when she died in March 2015. We expected the state to take the $1300 in her bank account, so we waited, but they have not done so, perhaps because of the small amount. When I finally went to close the account, the bank...
Assuming someone paid for the funeral the easiest way would be to use a small estate affidavit which essentially allows the bank to repay the person who paid for the funeral. However if there is a DPW estate recovery lien that could cause issues - although repayment of funeral fees takes priority so you should still be okay.See question
We have the first order from the courts saying for us to switch every year on claiming child on taxes. A new order has been filed and it has nothing on claiming child for taxes do I follow the first court orders?
I would speak to your attorney. But if I were the attorney I would be looking to see if the second order completely supercedes the first or just supplements the first/changes relevant provisions. Otherwise if the order is silent you would have to follow the normal IRS rules. As per the link:
To clarify my previous questions. My aunt (a resident of Florida) passed leaving beneficiaries in other states. I'm in California. The executor in Florida is now asking us to give him POA to manage and sell the real estate that is part of the es...
If he already transferred the property to the beneficiaries so that it is owned by each of them as tenants in common perhaps he could ask for POA but that would not be in his role as executor. That would be him as a private individual representing you as a private individual who is a tenant in common owner of the property.See question
Are legal fees associated with a malicious prosecution case tax deductible.
Typically the only legal fees that can be deducted are those in connection with doing your job or keeping your job. See attached link.
My mother made her own will out and had it notarized. No mention of executor. None of the family know either.
You don't say if she passed yet. If some one has died their will can/must be probated. if it is probated that is a fact of public record - you can find out by calling the county probate court/office if you know where your mother resided at death (probate is opened in the county where the person died).See question
My mom thought the estate was going to her 3 living children only. not to the children of her deceased children's children too. "The residue of the trust shall be divided in equal shares amongst our children who survive us , per stirpes and distr...
Typically the "per stirpes" language would indicate the intent that the shares are split to living children to the children of predeceased children if any. If it is not that it does not make sense because if it is only to the children who survive you it is not "per stirpes." However you have to have someone look at the whole trust and in context.See question
I'm widowed and money left to me by husband with clause in Will that I can set up trust within 9 months of his death. I disclaimed $250,000. to benefit my children. Do I have to pay income taxes on the Trust? Do I have to take out minimum distr...
You need an attorney to review the situation. It sounds like you made a disclaimer after your husbands death to avoid NJ estate taxes perhaps? If you receive trust income then perhaps you have income taxes to pay but if this is an estate tax matter you may not have estate taxes to pay but at your death your children will...it really is all conjecture until you have an attorney review the situation.See question