Steven J. Fromm's Answers (9012)

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My grandma is 86 years old, she said that she has a little money put aside for me to buy a house.

Steven's answer | Answered on December 08, 2012

Gifts are not taxable income under Section 102 of the Internal Code. Grandma may have to file a gift tax return if the gift is over $13,000 in 2012...

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My husband passed on Nov 21, we were living in TN but he had a will drawn up in WV, I had no idea that he even had a will.

Steven's answer | Answered on December 08, 2012

The will must be probated int he county where he last resided which sounds like TN. As to the son, it depends on what the will states. Get with...

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Does a lawyer as to read a leaving trust or the executor can do it We haven't heard a thing about the trust it been 5 years .

Steven's answer | Answered on December 07, 2012

You need to get your own estates attorney to look this thing over to see what can be done. Five years is a long time to have an estate open and...

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My mom passaway I need to take the house out of her name and put it in my and my brother name. I been paying all the bills for

Steven's answer | Answered on December 07, 2012

Listen, just because you pay bills does not entitle you to more of the estate. The laws of intestate succession control who gets what and you are...

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A spouse gets 1/3 of the estate to renounce where does other 2/3 go?

Steven's answer | Answered on December 07, 2012

Ms. Smolinski offer excellent advice. The spouse taxes a statutory forced share of 1/3 which trumps the will. The remainder of the estate is...

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My 2 sisters and I dad died in july 2012 and my father left his girlfriend's son executive of the will.

Steven's answer | Answered on December 07, 2012

My word, get your own estates attorney. The attorney for the estate is not concerned about your financial interests. You need to get on this and...

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My father passed in july 06, I allowed my only brother to be executor of the estate and nothing has been divided. He won't do it

Steven's answer | Answered on December 07, 2012

Sounds like you made a big mistake here. The basic rule of financial life is to never give up operational control unless you have to for some...

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Married with 2 kids named as a beneficiary of my IRA and my bank account (less than $200k). Upon my death is it taxable?

Steven's answer | Answered on December 07, 2012

The IRA would be taxable income to the beneficiaries as they receive their periodic payout. The bank acount would not be taxable except for any...

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My grandfather set up irrevocable trust funds for myself and the other grandchildren.

Steven's answer | Answered on December 07, 2012

Mr Watling offers sound advice. Also, have you gotten K-1 beneficiary statements each year? If not you may not be a current income beneficiary. ...

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Hello, As the Power Of Attorney of my parents, how much money in total can I gift my bothers and sisters. There is five of us.

Steven's answer | Answered on December 07, 2012

You may not be able to do anything because of the 60 month rule. Get with an elder law attorney immediately to assess your situation. You have...

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