Archived
I am a relative caregiver for 2 children that are in the DCS system. Can I claim them on my taxes?
Michael's answer
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Answered on December 29, 2014
A comprehensive answer requires looking at your overall picture plus who has financial responsibility for the children. You tax advisor is...
Archived
1 beneficiary of my Aunt's estate was formerly her trustee. She was removed due to breach of fiduciary resps. Must I distribute
Michael's answer
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Answered on December 29, 2014
Serving as Trustee and being a beneficiary are two different things. While the Court may have removed the Trustee for breach of fiduciary duties,...
Archived
My deceased husband & I had a will & joint ownership of home. Why is mortgage now saying in the estate of my deceased husband?
Michael's answer
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Answered on December 27, 2014
I concur with Attorney Grover. Joint Tenancy avoids the need for Probate, but have your attorney review the terms of the mortgage lien on the...
Archived
My brother is the executor of my mother's trust. He forged an amendment back dated 2012 that leaves him everything.
Michael's answer
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Answered on December 27, 2014
Have your Trust attorney file a Motion to Compel a Complete Fiduciary Accounting and a Motion to Replace the Trustee for Breach of Fiduciary Duty....
Archived
May a person gift a piece of undivided land in Iowa to someone and retain a life estate if they are not the sole owner?
Michael's answer
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Answered on December 27, 2014
Yes - but there can be complications. Discuss with a real estate attorney. See Avvo.Com under "Find-A-Lawyer". Good Luck.
My father had a land trust on our home that he left in my name. Do I need to continue to pay the yearly fee for the land trust?
Michael's answer
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Answered on December 27, 2014
You'd do well to review the Trust document with your Attorney. The trustee is entitled to get paid for as long as the Trust exists. However if...
Can a successor trustee take title to real property in the name of the predecessor trustee?
Michael's answer
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Answered on December 27, 2014
Ownership in the name of the Trust itself. The trustee acting on behalf of the Trust is not the owner no more than a person who holds an elected...
Archived
I was told that being named as the "remainderman" on a life estate deed is a gift, and therefore stepped up basis does not apply
Michael's answer
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Answered on December 26, 2014
To get an answer consistent with New York law, and to avoid later complications, consult with an Estate Planning lawyer. See "Find-A-Lawyer" under...
Archived
My Father,his brother and his sister own land in Minnesota. His sister passed away without any survivorship and now the brother
Michael's answer
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Answered on December 26, 2014
You would do well to visit with an Estate Planning lawyer and have the legal work done properly and in the right sequence to avoid problems later. ...
Archived
How do I transfer partial property ownership to a family member?
Michael's answer
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Answered on December 26, 2014
You'd be wise to get help from an Estate Planning attorney who can advise you on the tax consequences as well as to prepare the paperwork.
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