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Steven M Zelinger's Answers (9236)

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I have just inherited 200k from a Living Trust.........do I have to pay income tax on that? or State (Calif) tax?

Steven's answer | Answered on July 28, 2013

The principal of an inheritance is not taxed for income tax purposes to the beneficiary, although there can be income tax on the income the...

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Who is responsible for the probate bill? Is it the executor of the will?

Steven's answer | Answered on July 26, 2013

The estate is responsible for the bills. Sometimes people or the executor will loan money to the estate because of liquidity issues but they are...

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I bought a Tax Lien Certificate from someone who owned it already. The redemption period is next month. How should I proceed?

Steven's answer | Answered on July 26, 2013

Hire an attorney in the local area to the property. Tax lien foreclosure is different in every state and there are many specific rules on what to...

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I am the executor and have a question about disbursement?

Steven's answer | Answered on July 26, 2013

I would consult an attorney to make sure you have necessary tax clearances and more importantly that you have the beneficiaries sign off that you...

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As a co-trustee and beneficiary of a living trust, can I remove myself as a beneficiary?

Steven's answer | Answered on July 26, 2013

If you are not the grantor you cannot remove yourself. Your job as trustee is to carry out the wishes of the grantor and follow the trust. You...

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Does a power of attorney make me responsible for someone's outstanding debts?

Steven's answer | Answered on July 26, 2013

No.

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Must a spouse beneficiary be notified if a change is made for an IRA or Roth account?

Steven's answer | Answered on July 26, 2013

The answer is no. 401k plans (which is slightly different than IRAs) do require spousal consent if the beneficiary is changed to someone other...

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My mother passed away June 30 and left nothing, who if anyone is responsibe for her debts.

Steven's answer | Answered on July 26, 2013

You can't take the money out if it is in her name alone (and therefore probate property) without paying creditors. If it is that small an amount...

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What are the advantages of setting up a trust fund?

Steven's answer | Answered on July 26, 2013

Mr. Pippen is correct...but I would want to know why you are asking? Someone can always come to me and say "I heard I need a trust" but I don't...

Archived

Where can I find documentation that someone was the executor of another person's estate?

Steven's answer | Answered on July 26, 2013

Look in the county records where the estate was "raised"