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Peter S. Myers

Peter Myers’s Answers

48 total

  • I am trying to determine which are the appropriate documents for incorporation.

    If I create an S Corp in California where all of my revenues will be generated, but have 2 active partners that live in NY, do I need to register in NY as well?

    Peter’s Answer

    I am a little confused. It is going to be a California corporation. One answer suggested you would register it as a foreign corporation. It is not a foreign corporation if you register it in California.
    I am also confused because you refer to your partners. Corporations are owned by shareholders. Corporations can be partners with other legal persons. Are the New Yorkers going to be shareholders of the corporation or partners with the corporation?

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    I and my wife are owners of multifamily investment property. We want to give our daughter 25 percent of the ownership. This would be a gift. Later on she will be living in one of the apartments in the building. Are there any tax consequences ...

    Peter’s Answer

    • Selected as best answer

    There are multiple taxes to be concerned with here:
    1. The federal transfer tax - the unified gift and estate tax system will subject the gift to tax. It may be taxable depending upon a number of factors. A filing is likely required.
    2. Property taxes. The current assessed value may change, again depending on a number of factors.
    3. Income tax. Your daughter may be in a lower bracket than you, but she does not necessarily pay lower taxes in this case. The "Kiddie Tax" may apply.
    In general, I ask clients in your situation to evaluate a number of factors before doing this type of transaction to determine whether it really aligns with their goals and objectives

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  • My Father's wife had Alszheimers The will read, "On her death the inheritance will be divided equally." No inheritance for me??

    Someone , the executor changed the will and had this incompetent woman sign it . I didn't receive any part of my Mom and Dad's inheritance. What can I do? Mother passed away years ago.

    Peter’s Answer

    This appears, by your statement of facts, and assuming they are true, to require a will contest. There are many different types of substantive contests and at least two or three procedural approaches to contesting a will. Each case requires an evaluation by an experienced trusts & estates litigator.

    You are in Sacramento, and there are a number of very competent trusts & estate litigators there. Look here and wherever else you find credible source information to research the prospective counsel to discuss your matter with. Choose at least 2, and ideally 3 or 4, to meet with. Make a decision on which one to hire and move forward. These cases have tight statutes of limitations within which claims should be brought, so do not delay.

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  • How do you get a person taken off a will for criminal activity?

    my grandmother has 3 daughters who are all inheriting 1/3 of her house. my mother gave me her third. i want to keep the house and let my mom live there, pay off my other aunt, but take my other aunt to court to see if i can avoid paying her her 3r...

    Peter’s Answer

    In addition to Greg's comments, there are enhanced remedies under EADACPA that your counsel will wank to aver. These include attorneys' fees.
    The pleading can be done in the probate proceeding or in a separate civil action.

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  • Tax Attorney or Tax Resolution Company?

    My company owes back taxes (payroll) to IRS and EDD and I am getting calls from these tax resolution companies. Can someone please tell me the differences between a tax resolution company and a tax attorney? My gut says to go with a tax attorn...

    Peter’s Answer

    If you want to go to a professional where you can tell them your secrets and be assured that they are required by their oath to keep them secret (at all peril to themselves until their death) or lose their license to practice, then you go to a lawyer.
    If you want to find someone who calls you to solicit you for your business - their solution - with no guarantee they have any experience, education, or even that they will keep what you tell them secret (for example, if the IRS subpoenas their file on you), then work with a resolution company.
    Some lawyers provide complimentary consultations. Perhaps they could advise you to use a resolution company if your matter is small, your "secret" amounts to something minor and with little ramifications on your credit, your future risk of examination, your treatment of income, deductions, gain, loss or credit, then the lawyer can always suggest you would not be materially harmed by working with a reputable and qualified resolution company.

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  • I am looking for an attorney with experience in the IRS's Offshore Voluntary Disclosure Program. How can I easily do this.

    I had an overseas account that was not disclosed to the IRS. The bank in Switzerland has informed me that they are participating in the voluntary program with the US government and will be sharing information. I would like to participate in the...

    Peter’s Answer

    We have handled about 6 of these. There are other resources you could use. In general, it is best to use an attorney so you can fully disclose the situation in a privileged setting. An experienced lawyer can review your options and sort out how to approach the OVDI program.

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  • I took care of my boygriends grandmother for 8 yrd hsve never been paid any monies. She said that after her death and the sale

    Of her home I would be compensated the trustee says I am due zero I have nothing in writting but they sure did expect me to care for granfma now they just expect me to go away, HELP

    Peter’s Answer

    You may have to consider pursuing a "quantum meruit" theory under an oral contract. Note that there are specific time requirements for filing or presenting such a claim and you should seek legal assistance as soon as possible.

    In general, these cases turn on the quality of the evidence, so you should save all letters, voicemails, calendars, doctor visits, etc. that you have in your possession or can marshal from others. Once the case is filed, you can subpoena records (e.g., hospital and doctor records showing you accompanied the decedent at visits). The early part of your claim may be time-barred because you did not bring it soon enough.

    You may also have a claim against the heirs themselves if they defrauded you into performing the work. This would be a tougher case to pursue and to prove, but if the evidence is there, the damages (your recovery) would be more significant.

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  • Revocable Living Trust - Asset allocation to trustee's

    I would like to identify specific assets/property to each of my children. Currently both children are trustees and share 50% each of the trust, I would like to assign a property to each of them to prevent any disagreements after my passing. Is th...

    Peter’s Answer

    The trust by its terms will specify whether it may be amended and how. If the property is in your deceased spouse's sub trust, it is likely that it cannot be amended without Court Order under the Probate Code (Section 15409). If it is in your survivor's trust, then you will have specified in the language of that sub trust what you must do to amend it.

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  • Is a TOD (Transfer on Death) bank account legally considered transferred on death of the account owner?

    If the designated beneficiary does not sign for it, what happens to the money in the account?

    Peter’s Answer

    In general, the bank may only escheat the account after 3 years of non activity. They would normally send notices to the owner or the beneficiary. However, if they are unaware of the death of the account holder, then they might escheat it in the name of the account holder without the TOD designation. This would pose a problem for the beneficiary. Some sort of 850 petition would then need to be filed to order the State Controllers Office to properly allocate the account to to correct owner.

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  • When do I pay attorney fees in Probate matter.

    I am an executor . When do I pay attorney fees? On an ongoing basis or at the end of probate. Does the court need to approve the fees if I pay the attorney hourly instead of by the statutory schedule?

    Peter’s Answer

    It actually does not matter in California whether you have a written fee agreement or not. Both of the other answers are wrong. Bresler v. Wong.
    You pay fees only after the Court orders you to do so after the Order on Final Account and Distribution is filed and entered.

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