My Mom has a meager estate which includes a two-family home that is mortgage free. Should we look into a revocable trust?
Phillip's answer
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Answered on August 10, 2023
Your mom might want to speak to a wills estate and trust attorney to get a better insight into her needs, current situation, and options.
If...
Taxes on a settlement?
Phillip's answer
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Answered on August 06, 2023
I agree with the answer given above but want to what Waymon stated. The settlement agreement might have some interesting facts that might change...
If a trustee and co-trustee won't give an accounting of a trust in Texas, can I handle this myself with a probate judge?
Phillip's answer
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Answered on August 06, 2023
First, a trust document could, (but generally does not), absolve the trustee of the need provide an annual accounting.
So, the first question...
Can spouse file married joint tax refund without consent and signature of other person?
Phillip's answer
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Answered on July 27, 2023
I agree with the previous responses but will add that if you are going through a divorce the court documents might address how the tax return is to...
Will taxes be owed?
Phillip's answer
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Answered on July 12, 2023
Generally, the reversion of a property to the landowner is not a taxable event.
What language do I use when calling the bank about a trust, I am listed as the beneficiary.
Phillip's answer
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Answered on July 12, 2023
Generally, a trust is managed by a trustee who takes care of the assets and distributes assets per the trust agreement.
While I advise trustees...
Can our former business partner do this and can they be sued or still legally responsible for debt.
Phillip's answer
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Answered on July 10, 2023
You might have a few options; however, your post contains a lot of issues that will require some time and effort to unpack.
Further, guidance...
What recourse do I have if the federal government (Dept of Treasury) isn’t responding to my offer in compromise?
Phillip's answer
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Answered on July 02, 2023
Some particular forms must be completed and sent to the appropriate parties to property file for an offer and compromise.
So, the question is...
Are royalties from book publishing taxed as a business entity in California?
Phillip's answer
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Answered on July 02, 2023
Royalties can be taxed on a personal income tax return and do not necessarily trigger the need to form a company.
However, depending on the...
What happens if someone dies and has two trusts that might contradict each other?
Phillip's answer
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Answered on June 28, 2023
This happens occasionally.
I have seen families go to war with each other over conflicting trusts.
As Stephen advised, you might want to engage...
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