Michael Leo Potter's Answers (5702)

Archived

Does setting up a living trust protect your home, cars, etc. from creditors that are or are not listed as lineholders?

Michael's answer | Answered on May 22, 2016

The revocable Living Trust is an estate planning device and not an Asset Protection device. However protection from potential creditors can be...

Archived

Can a trust be designed where two beneficiaries get two different periods of monthly payments, one for life, one for five years?

Michael's answer | Answered on May 22, 2016

Absolutely - with good and careful drafting. The income can be distributed to the two beneficiaries differently according to the design of the...

Archived

How can we do this without going to court if possible.

Michael's answer | Answered on May 19, 2016

Normally, a well-drafted Trust will consider this possibility - and set forth HOW the Successor Trustee steps up. For example he or she may give...

Archived

Should I modify my current RLT myself and then have a local attorney review, or have them start from scratch on a new RLT?

Michael's answer | Answered on May 18, 2016

The law changes from time to time - i.e. estate / tax / etc. I'd recommend a sit-down in person with an Estate attorney for a free 1/2 hour...

Archived

Who pays for legal assistance while applying for letters of testamentary. Does the estate pay? What if appointment is contested?

Michael's answer | Answered on May 15, 2016

I concur. The decedent's Will and the decision of the Court will be guiding factors in this case.

Archived

Does LLC make sense for residential landlords (father & son) for taxes, estate planning & business succession / asset transfers?

Michael's answer | Answered on May 15, 2016

This is a situation that calls for an Estate Planning / Asset Protection attorney. See Avvo.com under 'Find-A-Lawyer'. Good Luck to you and your...

Archived

How can you determine estate assets if the will doesn't require an accounting and the executor refuses to cooperate?

Michael's answer | Answered on May 15, 2016

Have your local Probate attorney bring this matter before the Court's jurisdiction and seek a Motion to Compel a Fiduciary Accounting and also a...

Archived

What if anything does the estate owe the third party. From what i have read my brother had no legal right to put the estate in d

Michael's answer | Answered on May 15, 2016

I concur with my colleagues. Your best bet is to retain an Estate attorney to look over the paperwork and to take steps to protect your interest. ...

Archived

Probate? Estate fraud? Adopted child rights from birth parent estate

Michael's answer | Answered on May 15, 2016

I concur with my colleagues - that your birthright was legally terminated by your adoption by your adoptive parents.

Archived

Is a will written when the estate is in a trust?

Michael's answer | Answered on May 15, 2016

If a Trust is written it is customary to also do a "Pour-Over Will" that provides for any asset overlooked in funding the Trust to be added to the...

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