Archived
Is the initial transfer of assets and money by grantor considered taxable income to the irrevocable trust?
Arthur's answer
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Answered on September 25, 2016
No it is not. Transfers to trusts are generally with after tax income of the contributor.
Archived
Fathers wife passed. One adopted child. Will not signed. House in her name. What can we do to place property in my fathers name.
Arthur's answer
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Answered on September 21, 2016
Your facts are somewhat disjointed and difficult to follow, but if the house was and is their and his homestead, and assuming certain other...
Archived
How does this transfer on death deed work when one of your parents is in a nursing home an deemed incompetent ?
Arthur's answer
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Answered on September 21, 2016
In order for the property to pass to you, both of your parents would have to pass, with their currently described wills in place and then each will...
Archived
What can I do if my buissness partner is try to get me out of the company?
Arthur's answer
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Answered on September 19, 2016
You need your own lawyer. In the absence of a written agreement, Texas law would control and the Texas Uniform Partnership Act is your agreement. ...
Archived
What is tribal law on a unpaid loan
Arthur's answer
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Answered on September 19, 2016
There are not enough facts here to offer any kind of response. Please be a little more specific.
Archived
What form gives my only beneficiary legal right to do what ever he wants before or after my death acting also as trustee of t)(
Arthur's answer
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Answered on September 18, 2016
You are not going to beat the IRS but you can make your son the beneficiary of the plan if it so allows. That would bypass probate.
Archived
Can my mom change her will if it was part of my dad's will?
Arthur's answer
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Answered on September 18, 2016
It does not sound like it was the same document from your description. If it were it might be considered a joint and mutual will. Many couples do...
Archived
This question is regarding tax filing form for IRS or State of Texas.
Arthur's answer
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Answered on September 17, 2016
Nothing for the State of Texas. 1040 for IRS.
Archived
If my brother has POA and my Dad wants me to have it, how do we revoke his? Can we just assign me POA and that prevails?
Arthur's answer
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Answered on September 16, 2016
DIY is not the answer here. Go to an attorney who deals in Estate and Probate matters and get this done right. You are risking expensive litigation.
Archived
Will income tax be due on proceeds of sale at a loss of inherited house that I have been living in 4 mo.? Can loss be deducted?
Arthur's answer
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Answered on September 15, 2016
Short answer is no. Your basis in the house is the value of it when you inherited it. If you sell it for less than that, you have no gain.
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