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Douglas Garth Edmunds

Douglas Edmunds’s Answers

395 total


  • How can I add my name to a trust after my parents passed away.

    My mother passed, and the home is assigned to a trust. I am the executor of the trust. How do I get it in my name or added into the deed?

    Douglas’s Answer

    Let me start by saying there is a lot of potentially missing information here, and the correct answer is to sit down with an estate planning and probate attorney to make sure all the facts come out, and you do it right.

    With that being said, if this is a revocable trust and both parents have passed, you do not get to change it any longer. It is likely irrevocable and not subject to change.

    The trust should contain instructions concerning what to do with the home. Sell it, transfer it, etc. You should simply follow those instructions.

    Again, it is best if you obtain formal legal guidance in the process if you have any question as to how to accomplish this.

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  • How many years do you have to wait to file again and can I file the other chapter.

    I have already filed bankruptcy before and am wondering if I can do it again I think it was chapter 7 I didn't make payments to pay anyone back and they were able to stop garnishments.

    Douglas’s Answer

    8 years from filing. We could look at Chapter 13 if you do not meet that time frame. I suggest a discussion with a bankruptcy attorney to verify your rights. [redacted]

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  • My questions is, if she were to file chapter 7, personal BK, could she keep her car and have remaining debt of $15,800 relieved?

    My girlfriend divorced her ex several years ago because he was cheating. She was a housewife, inexperienced and very naive. She got shafted out of most everything, had a bad attorney, etc. Her ex later filed BK and all the lenders then started ...

    Douglas’s Answer

    It is not possible for me to tell you for certain without actually looking over her actual numbers and discussing the details. I, like many others here, offer free consultations to answer these kinds of questions. That said, unless there is more than $6,000 in equity in that car, it likely is not an issue - she could probably keep it. Whether or not she should is a different matter - high interest, high payment.

    I suggest getting some personalized advice, and making a more informed decision.

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  • Is there any way other than paying the 100k to remove the lein or does the lien ever expire?

    we took out a home equity line in 2005 for 100k. We filed bankruptcy in 2011 and all debts including heloc were discharged in 2012. our 1st mortgage company did a loan modification in after the bankruptcy discharge which kept us in the home. We we...

    Douglas’s Answer

    It is quite common that the lien survives the bankruptcy. You have your discharge, which is good, but rarely will the lien actually be stripped off.

    In a few cases, I have been able to get the second or third position lender to agree to some nominal payment in exchange for an actual lien release. I have had many more lenders refuse to do so, than accept it. The availability of this depends in large part upon (1) your current financial position, (2) the value of the house, and (3) who the lender is.

    By way of example, I have found that a large institution like Chase or Bank of America is more likely to agree to a settlement than a credit union. Every situation is unique, and it is hard to say.

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  • What fees could possibly be waived by bank on a foreclosure payoff?

    I have a mortgage and am behind in payments, auction date is set for next month, but I have a buyer. My principal is $104K but payoff is $133 from fees like interest due, escrow advance, corporate advances, attorney fees, etc... if I were to sell ...

    Douglas’s Answer

    What fees COULD be waived? All of them, but that is not likely to happen. What you are likely looking at here is a short sale. The amount owed is more than the amount you can get from a buyer. A short sale this close to a foreclosure date can be hard to accomplish, but it is possible if you act quickly. If everything goes well in a short sale, we can typically get the lender to forgive any amount you still owe, thus removing the threat of collections when it is done. Further, many people qualify for a tax credit that can reduce or eliminate any taxable income from the transaction.

    Allowing it to foreclose could be the best choice at this point. There are good protection laws in Arizona for many homeowners who lose their home. Short sale could also be a good option. I suggest that you actually consult with an attorney and find out which option is best for you, as the odds of them simply writing off fees for your 'traditional' sale to happen is highly unlikely.

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  • How do we change the executor after the person has passed away?

    My husband's sister is the executor of their father's will. There are three daughter and one son, my husband. The girls have been somewhat estranged from their father up until him becoming very ill. My husband, the son has been the caregiver fo...

    Douglas’s Answer

    The real issue here is going to be whether or not a probate is going to be needed or not. It would be very wise to sit with an attorney and discuss the types of assets and liabilities in the estate. Depending upon value, it is possible you will be required to go through probate. If that is the case, then the kids can all sign off allowing one person to take charge at that time.

    If probate is not needed, you may be able to simply make transfers using a small estate affidavit. This is much more economical, and a simpler process. Here again, the kids could all agree to allow someone to take the lead on this issue. My office, and I am sure many others, provide free consultations to help you make these kinds of decisions.

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  • Can and how do we elect to be taxed as a "single-member" LLC and do tax paperwork as a sole-proprietor not a partnership?

    The previous tax year we were a two-member LLC (unmarried couple) with an EIN and filed as "Partnership" through a Schedule K-1. This tax year we are married and want to save time/money and forgo filing a Schedule K-1 if possible. We will be filin...

    Douglas’s Answer

    Actually, this can be done, it just might not be worth it. Under Revenue Procedure 2002-69, you have the option of treating the LLC as a multi-member LLC or as a single-member LLC when the only members are husband and wife.

    That said, there are some tax advantages to filing the 1065 and taking the K-1. If you do this as a pass-through entity, you will file a Schedule C on your taxes, and those can come under increased scrutiny. I would suggest you should sit with your CPA and discuss which is better for your business. By the way, if your CPA did not already know this, you have the wrong CPA.

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  • Is there any way to get his name officially off my deed?

    My ex boyfriend and I purchased a home. I'm the primary he is the cosigner. He has not lived in the house for 7 years. At the time I could not assume the loan. So I had him sign a notarized quick claim deed. I recently paid off the home. Than...

    Douglas’s Answer

    If you have paid off the home, then his name is no longer associated with a note, so that part appears to be done. If he signed a quit claim deed, and you have recorded it already, his name should be off the deed already.

    Is this a situation where you never bothered to record the deed?

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  • In Arizona, what will happen to my son's property if he dies without a will and we, his parents, are no longer living?

    I have a 30 year old son, unmarried, working, has a house, a car, 401K through work, and some small investments.

    Douglas’s Answer

    When I see this question, I always assume that the person believes that the 'State' takes the money. The reality is that the state has set up a set of rules which actually tries to find the right relative to give the money to. Granted, if there are absolutely no relatives, and no one follows up, the money or property could sit indefinitely.

    It sounds like this might be a situation where setting up a will to allow for donations to charity might make sense. The truth is that without more information about what relatives exist, I can only speculate.

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  • What

    If we should go bankruptcy and let our house go also how long would it be before we had to move out

    Douglas’s Answer

    The prior responses are correct. Diane is very good, and always gives sound advice. If you were to sit in my office and allow me to look over your situation, I could give you a better answer. As it is with the limited information you have, I can tell you with a certainty that you will forestall the process and buy yourself a little extra time. I have worked with clients where that extra time has been 90 days, and other clients where it was well over 180 days. Each situation is different. Speak with an attorney, and do not go this one alone. Bankruptcy is much more complex than it might seem from a Google search; do not go in unprepared.

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