Michael Leo Potter's Answers (5702)

Archived

RE property is in a Trust and my client is the Grantee. Being the Grantee, does my client have legal ownership of the property?

Michael's answer | Answered on April 29, 2016

If the real estate is owned by a Trust, then the mother is NOT the Grantor. The Trust is the Grantor and your client is the Grantee. Legal...

Archived

Will his estate be distributed to me, the only child, or to me and my only son, according to intestate inheritance laws in KY?

Michael's answer | Answered on April 29, 2016

I'm sorry to hear about your Mom. As the only son - you are the Sole Heir. Your father should have at least a Will but preferably a Living Trust...

Archived

Notification of Trustee

Michael's answer | Answered on April 29, 2016

The attorney apparently represents the Trustee - so yes he can sigh it. But what difference does it make exactly? If you're a beneficiary you're...

Archived

Questions in situation thank you so much

Michael's answer | Answered on April 28, 2016

I'd strongly recommend that it's time to sit down in person with an Elder Law attorney to work out the best path forward. The IRS Life Expectancy...

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Does the husband get 1/3 of my moms estate. Everything was left to my sister and I. Now the attorney says he gets 50,000??

Michael's answer | Answered on April 28, 2016

I agree. Several states have different approaches - but yes certainly in most states-without a pre-marital agreement-the spouse would clearly have...

Archived

Does the student loan lender have the right to come after my estate if my loans are not paid when I die?

Michael's answer | Answered on April 28, 2016

Loan which are federally-insured are generally forgiven at death. Have the terms of the loan looked over by counsel and follow their advice. Good...

Archived

How can he classify income that I never received? What advantage would he have for doing this? What should I do? Options?

Michael's answer | Answered on April 28, 2016

Trust income earned on Trust Assets are normally passed through to the Beneficiaries on the K-1. See the 1041. if the trust doesn't qualify then...

Archived

Should our Trust or Deed reflect anything about "Community Property" or "Right of Survivorship?

Michael's answer | Answered on April 28, 2016

I agree with Attorney Straus. Yes you can agree to deed the property to yourselves as Community Property with a Right to Survivorship.

Archived

If we put it into a third party special needs trust for his 60 year old blind/disabled son will there be a pay back provision?

Michael's answer | Answered on April 28, 2016

Sorry about your Dad. The best time to establish a Special Needs Trust is at least five years before it's needed. I do recommend you sit down in...

Archived

What is involved to petition court, section 17200 to review acct, can my share of trust be moved to another broker ?

Michael's answer | Answered on April 28, 2016

Normally, a well-drafted Trust would have provisions for the replacement of the Trustee under circumstances that would call for it. If needed, have...

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