Michael Leo Potter's Answers (5702)

Archived

If, in an estate, a beneficiary is listed to receive money from an IRA - is this binding upon death?

Michael's answer | Answered on April 14, 2015

The IRA is not part of the Trust. The pay-on-death beneficiary of the IRA should be the recipient. Good Luck.

Archived

I am supposed to submit a trust accounting, but it isn't done. my attorney is at fault -how do i inform judge

Michael's answer | Answered on April 14, 2015

The attorney is not responsible for submitting of a Trustee's fiduciary accounting. YOU ARE. So - take charge and "Gitter Done" !!

Archived

Can the trustee of a third party special needs trust give a monetary gift from himself to the trust?

Michael's answer | Answered on April 13, 2015

Yes - anyone can make a gift to the Trust if the document so provides for it. You may want to have the document reviewed by a competent Elder Law...

Archived

Question about a Trust's TIN changing on the death of a spouse (co-Trustee)

Michael's answer | Answered on April 13, 2015

As the surviving Co-Trustee, she would now use her SSN. However for your father's portion the TIN issued by the IRS is effective on issue. Good Luck.

Archived

I have 2 questions? In Missouri, is it required for the lender to sign the appointment of successor trustee?

Michael's answer | Answered on April 13, 2015

If you appoint a licensed bank or trust company as Trustee, they will be accepting a fiduciary responsibility and only a duly-designated trust...

Archived

How to handle this year's taxes for a Revocable Trust where 1 of 2 co-Trustees passed away this year. And future years' taxes?

Michael's answer | Answered on April 13, 2015

I concur with my colleague. The sooner you get your Certified Pubic Accountant involved, the better. You may also want to consult with a tax...

Archived

I need a lawyer

Michael's answer | Answered on April 13, 2015

See Avvo.com under 'Find-A-Lawyer'. Call the law firm and ask what their position is on doing legal work for free. Good Luck.

Archived

Do I need an attorney

Michael's answer | Answered on April 13, 2015

I agree with my colleague. Definitely sit down in person with an attorney and take any documentation you may have with you. See Avvo.com under...

Archived

My father open up a cd about 20 years ago. My mother's name and my name was on the cd account. Now my father suffers from

Michael's answer | Answered on April 13, 2015

Time to sit down with a Litigation Attorney. See Avvo.com under 'Find-A-Lawyer'. Good Luck on this case.

Archived

On the 2nd to die of my spouse and I (no kids), what are the downsides to imposing a 1 yr survivorship req't on all of our bens?

Michael's answer | Answered on April 13, 2015

I concur. The best move you can make right now is to sit down with a professional estate planning attorney. See Avvo.Com under -Find-A-Lawyer'....

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