When an executor of a living trust squanders the entire estate, what punishment does he get?

This is a complete breach of the fiduciary duty of the trustee. The Probate court will not take this lightly and will at a minimum require this...

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Does the person property need to be sold or handled in a certain time ,before it becomes capital gains or something?

At the time of death the decedents property steps up in basis to the fair market value at the date of death. Any appreciation in value after this...

Yes, a car owned by a decedent would be considered part of the decedent's estate. Any individual seeking legal advice for their own situation...

Do I qualify for the home buyer's stimulus? I don't think I do but I need to to know for certain before I start looking.

To be considered a first time home buyer for the first time home buyer credit, you must have not owned a home (been on title) for the last three...

How can i find out if my fiance' owes back taxes

Have your fiance' order a transcript of his account from the IRS. You can not do this, he must order it. He may not be required to file. You can...

An elderly woman is moving to an appartment.

This would be a gift and there are no tax consequences to the children unless they sell the property. They will receive a carryover basis in the...

What liabilities does a partner in a two person implied partnership have upon dissociation.

You are jointly and severally liable for the debts of the partnership since this is a general partnership. This means you can be held liable for...

Estate under 20K, No Will with personal property only

I agree with attorney Brewer. Try to work this out and avoid the probate court. There is just not enough in this estate to make it cost...

Foreclosure

This would be income from debt relief. However, if this was your principal residence this income is excluded for up to $2 million of debt relief. ...

How can a lawyer remain in good standing?

Typically a lawyer cannot if he or she is practicing tax law. If he is not practicing before the IRS, you need to look at the specific ethics...