I am getting pressured and coerced by siblings.
You indicate that you are trustee of your mother's estate, but trustee serve under a trust document. So it's not clear if you are personal representative of the estate, or trustee of a trust. Your responsibilities differ depending on whether it's an estate or trust, and if a trust, the provisions of the trust as to notice to beneficiaries. My best advice would be to consult with an attorney.See question
Hi, if I pay taxes for 2017, then sell a piece of land in NY - does the new owner have to pay taxes again for 2017 or no? What if I sell the land BEFORE paying taxes? Thank you for the help, best
Property taxes are paid in arrears, so that 2017 taxes are due the end of the year or early January. If you pay before selling the buyer will not have to pay again, and you should get a pro-rata credit at closing for the remainder of the year. If you sell before paying the taxes, there will be a pro-rata deduction against the sales proceeds.See question
I am a beneficiary of the estate and need to contact the decedent bank to obtain trust documentation. They will not communicate with me even though I am the beneficiary, which is confirmed by the court.
You state that you are a beneficiary of the estate and want to obtain trust documentation. So it sounds as though the decedent had a trust in addition to a will. If so, a trustee should have been named in the trust agreement. I recommend consulting with an attorney to determine how to proceed.See question
My wife and I own rental property under an LLc and in Florida there is charging order protection for multimember LLC's but not single members.Will court treat a married couple as multimember or single member LLC?
Assuming all the formalities of the LLC are respected, including an operating agreement designating husband and wife as members, it should be treated as multi-member.See question
On the internet they state these common law trust aka pure trust or Natural Law trust are legal and that there is no income taxes on the money that is earned in the trust have to be paid to the irs. They also state that no yearly tax filing is r...
Such trusts are shams and the only thing they will do is get you is penalties by the IRS and maybe even jail.See question
My brother and i are listed as owners along with the ilit our other brother took out several years,ago. We are also the trustees. We are not beneficiaries of this policy. Our concern is if we die before our brother,since we are listed on the owner...
You should be named as owners only in your capacities as trustee. Assuming that is the case, and the trust was drafted properly, the value of the ILIT assets will not be included in your taxable estate.See question
I have some property (stock in a corporation) that I would like to transfer to an irrevocable trust. I have the trustee ready. Can this be done in about one page?
A one page irrevocable trust would be so lacking in important provisions as to be practically useless, and would likely result in court action to deal with issues not covered in the trust. This would lead to greater expense than paying for a comprehensive trust in the first place.See question
Someone passed away before they were able to cash the RMD check that was issued to them from a traditional IRA for 2015 and no one was able to deposit the check. Now the custodian will not reissue the (now inactive) check to the decedent’s estate,...
The beneficiary of an IRA is required to take the RMD for the year of the account owner's death if the account owner had not taken it prior to death. The RMD does not go to the estate unless the estate is the beneficiary.See question
My uncle recently passed away and legal advice has just had us running in circles. He was the trustee and at one point he had appointed my brother as his successor. A notarized change in 2000 was made and we can find who he appointed as his ...
I"m sorry for your loss. Handling a loved one's affairs after their death can be difficult and confusing. You refer to an estate and a trust and an executor and a trustee, so it's hard to determine the exact nature of your question. If handling the trustee or executor succession is not addressed in the document(s), state law provides for a process. I recommend that your dad consult with a probate attorney.See question
My parents live in Florida and have a living trust with both of their names on it. They are listed as co-trustees and their wills leave everything to the surviving spouse, My father recently passed away. What do we need to do? Will the trust...
I am sorry for the loss of your father. It is not possible to tell you exactly what needs to be done without reviewing the trust. I would recommend consulting with an estate and trust attorney, who can provide guidance on what needs to be done and assist if you wish.See question