Should I release the executor from posting a bond before I see the will?
If bond is not waived by the Will, I have not seen any case where the Court will not require a bond. Waivers by the beneficiaries are not controlling.
Usually you would be asked to waive NOTICE of the admission of the Will to probate. In any case., you can demand a copy of the Will before signing anything.See question
We opened a Family Living Trust account in 2015 that will hold any proceeds upon our deaths for the benefit of our son. The minimum was deposited to open the account - $100. I was given an EIN and filed the initial return for 2015. Do I need to fi...
Unfortunately, yes. The mistake you made was in obtaining an EIN for the Trust if it is a revocable trust. That type of trust does not need an EIN until the last of the Grantors of the trust passes away. Now that you have an EIN, IRS will expect a 1041 annually even if there is no taxable income.See question
Dad had a Revocable Living Trust (no spouse) and when he passed away it became Irrevocable. I obtained an EIN for the new Irrevocable Trust. His Trust designated that it be divided into four equal shares for his four children, with two children be...
Find a tax preparer fully conversant with fiduciary income tax.
It is not a choice between complex and grantor trust
characterization. It is between complex and simple. That distinction affects what deduction is allowed (600$ or 100$).
Income is taxed to the Trust unless it is distributed to a beneficiary. If it is distributed, then the beneficiary reports it on his/her Return.
Also, there really was no need to obtain two added EINs. There is one Trust (though there are two sub trusts) so one EIN is sufficient.
Surviving spouse is not named the executor, but the step son is and has not filed the will with probate or even contacted the attorney for information. Step son lives in Arizona. Two other step sons live in Ohio, as well, and are starting to put p...
All of the responses are accurate but assume there are probate assets. If the decedent used various probate- avoiding techniques, there might be no need for probate and the Will will be meaningless.See question
What procedures to re-open estate & claim the funds held by State of Ohio . I contacted the State & said I had to re-open probate. How do I proceed to do this.
If the amount is small enough, you might be able to file for a Release of Assets rather than a full administrationSee question
I tried getting a title search but was told the name was too common and I would need their last 4. If there is a lien on an individual does that automatically apply to their property?
Also, check the Court filing to see if there is a preliminary judicial report and what pleadings have been filed which assert a claim against the property. It might be more expedient to buy at the Sheriff's sale.See question
My husband passed away 2 months ago, there were a lot of medical bills. If there is no estate, am I responsible for the bills? He was covered by my insurance. The state is OH. He had no life insurance or savings. No will. The house and cars wer...
You might have liability. This is a very unsettled area of law. An Ohio statute imposes a duty on a person to pay for the spouse's necessaries. Medical expenses usually are considered necessaries.
However, you might make an argument that Federal law preempts Ohio law.
Also, if no Estate is opened and a formal claim filed within 6 months following the date of death, you also might claim that the claim is barred and cannot be collected from you.
You need an attorney.See question
My mother is currently doing rehabilitation in a nursing home. She is a resident of Ohio, as of now the best option for her is to be placed permantly in the nursing home. We hope to bring her home someday.
The State does not TAKE anything. But it might not pay Medicaid based benefits while Mom owns more than 2,000$ of assets. The home may be exempt if there is a certification that Mom intends to return home. If that is the situation, after Mom passes the State will collect from the proceeds of sale of the house all benefits paid.
Consult an attorney experienced in Medicaid/Nursing Home planning. This is definitely not a DIY issue.See question
I've read that simply having the diagnosis does not make one incompetent to make decisions regarding their own life and a power of attorney can be revoked at any time. I have a sibling with POA admitting Mom into an ALF against her will and asking...
Guardianship is your likely avenue. Do you know if an alternate agent is named in the POA?See question
My cousin in 1 of 3 beneficiaries in an irrevocable trust. If the other 2 beneficiaries consent, could they add another beneficiary to the trust?
Though this may have gift tax consequences, the named beneficiaries are free to do whatever they want with the Trust assets once they are distributed to each of them. They can then give any portion if them to the person they think ought to be a beneficiary. No court action needed. And it is unlikely court action could be used to alter the designation of beneficiariesSee question