Estate Planning Questions
30 Question and Answer Results
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In-laws are building addition on my home to care for father-in-law with dementia, do they have a right to do that?
Your question is unclear to me. I gather (although I am not sure) that your in-laws will pay for an addition to your house. That addition will be used for housing for some member of the family who needs care. You and your wife (I assume that is the "we") will be the main caregivers. -
Will life insurance pay you if you suddenly die from nothing or old age?
Life insurance covers death from whatever causes the policy provides it will cover. Normally, life insurance covers death from almost all causes, including old age, heart attack, being hit by a car, etc. However, some life insurance policies exclude death caused by suicide... -
As DPA, can I sell real property willed to another person?
You have a financial DPA for your mother. You want to know if you have authority to sell your mother's house to cover her medical expenses, even though that house has been willed to someone else. -
Can a will make a change or add to a trust?
You have a trust, but you want to make a change where some of your (trust) property goes directly to your two grand daughters. You want to know if you can make this change by a handwritten ("holographic" in legalese) will. [Handwritten wills are not legal in all states. They are legal in roughly half the states... -
Is an IRA account with beneficiaries listed considered part of the estate?
You mother's will provided that he estate should be divided equally among her children. However, she had some financial accounts that named beneficiaries for those accounts, and not all the children were listed as beneficiaries on each account. You ask what is fair here. -
Is my husband entitled to half of what I inherit?
Your father died in New Jersey and left his estate to you. You want to know if your husband has any claim to this inheritance. -
Can the executor of a will make changes to make things fair for everyone?
An executor has no power or authority to change the terms of a will "to make it fair all around," or for any reason. The executor must carry out what the will provides. -
Should it matter that my husband made his daughter executor of his will?
Legally, you husband has the right to choose whoever he wants to be his executor. Whether it "matters" that he named his daughter as his executor, rather than you his wife, is a question I can't answer. Of course it could matter in the personal sense as well as have practical consequences. However these are not legal issues, but personal family ones... -
Why would my step-father now create an affidavit for a property already included in a trust?
You want to know why your step-father would create an affidavit for property already included in a trust. I cannot tell you why. I do not know what type of affidavit he prepared. Nor can I speculate on why he did so. Most importantly, I do not know the terms of the trust... -
SALE TAXES RIP OFF
please someone give me an answer who is going to answer this for me. -
Can our family sue my brother after illegal sale of Mom's home?
You want to know if family members can sue your brother for allegedly illegal selling your mother's home. I cannot give you a definite answer, only some pointers. The first thing you have to decide is whether you are willing to pay money to hire a lawyer. If you want to sue your bother, you'll need a lawyer... -
Are family corporations a good or bad idea?
It's one way parents can pass along property to children. But be forewarned: There are complicated rules about gifting shares in private corporations. You are all on safe ground if your parents properly valued those shares and reported the gift of those assets to the IRS if they were above the annual... -
When there was no estate planning what happens to the estate?
Because your grandmother died without a will—or “intestate” in legal jargon—her property will be distributed according to the formula set out in state law: mostly likely, divided equally among the surviving four children. -
I am the youngest can I be the power of attorney and own the house?
Your are the youngest of four, and your father wants you to have his power of attorney and to put his house in your name. Can he do this? -
What does my dad need to do to make me the new owner of his old house?
You ask what your dad needs to do to make you the owner of his old house. The answer is he can simply give it to you. To do that, he needs to prepare a deed transferring legal ownership of the house to you, and have that deed notarized. Then he must record that deed at Recorder's Office for the county where the house is located... -
My deceased father is on the title of Grandma's property. How do we proceed with selling the home?
Transferring title from a deceased co-owner is subject to the law of your state, and it depends on the form of title that was used. If the title was held as joint tenancy, with a right of survivorship, then the ownership is transferred to the surviving co-owners without the need to go through a probate process... -
Father wants to deed his second home to my brother and I. Are we liable for a gift tax?
If your father gives you (and your brother) a home he owns while he is alive, you are not liable for gift tax. It is the GIVER, not the receiver, who can be liable for gift tax. Under current U.S. tax rules, a person can give away up to $14,000 per year per person free of gift tax. Because a house anywhere in the U... -
How do you divide a family farm when there is a step child involved?
How does a couple divide their property when they have children, and one spouse has a child from a prior marriage? The answer is that there is no one answer. The couple has to decide between themselves what they think is fair and reasonable. There is simply no rules for doing this. -
Can a will alone cover my dad's estate planning needs?
For many people who have straightforward property ownership and straightforward plans for how they want the property they own divided when they die, a will may be sufficient to do cover that task. This is true because many assets, such as retirement funds and often bank and other accounts, can pass directly... -
How do we preserve my deceased father's estate when my mother remarries?
It depends on what your parents' estate plan says about who controls the property that your father left behind. If he left it all to your mother, then what she does with it is her business, and not yours. And if you are your mother's financial agent, acting under a power of attorney that she signed,...
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