- Can My Father Read His Wife's (My Mother's) Last Will And Testament
My father wants to read his wife's (my mother's) last will and testament because my aunt got all rights to everything my mother owned/had, but my father thinks that my aunt is doing things that went way beyond what the will stated. I need to know how he can go about getting a copy of the will and testament and what are his rights to having it? - What if a Trust Beneficiary Doesn't Want the Money?
Question: My father passed away in April 2006. I have distributed the funds according to the Trust except for approximately $28,000 that is to go to my niece (my father's granddaughter). She has not returned her W9 as she is hesitate to receive the money because of the fact that she is on SSI.I want to close the Trust account and be able to file the necessary taxes the beginning of 2007.Have you ever heard of a similar situation? What do you suggest I do so that I can put closer to this. J.P. - Can My Parents Gift Real Property To Me Directly From Their Living Trust?
My parents have property / real estate currently held in a trust whereby they are both the Grantor and the Trustee. I am the Successor Trustee. Is it possible to transfer 'ownership' of this property from that trust to me prior to their death? - How Are Bonds Taxed Upon Death - A Sequel
Question: Thank you so much for your response. It was over and above what I needed to know, which is great. The more informed we are on this the better!I do have one additional question. If we cash out the bonds with the estate, the interest will be around $300,000.00. If we cash them out individually (split 3 ways), won't the taxes be lower as they will be under $150,000.00 (including our other income) for each of us and in a much lower tax bracket? I am not clear on the advantages of cashing them out in the estate. Please explain this further. Thank you, R. - How Are Bonds Taxed Upon Death
Question: My grandmother, recently deceased, left E, EE, & HH bonds to me, my sister, and mother. The total is approximately $600,000, under the limit to be taxed. However, there is substantial interest accrued on the bonds. What would be the best way to distribute these? Should we have them changed to our names to avoid the Capital Gains or do the taxes have to be paid before distributed? Will taxes be due when we eventually cash them in? Will any taxes be due on the HH bonds? Are the CGT over and above the income taxes? Please Advise. Thank You. R. - Are there Tax Consequences if You Disclaim an Interest in Property from a Trust?
Question: I am the primary beneficiary of a trust set up by my mother and my 2 daughters (ages 27 and 30) are also beneficiaries. The balance of the trust is to be distributed soon and my daughters want to disclaim any interest in it, so it will all go to me. My question is, what are the tax consequences of this arrangement? The total value of the trust is about $250,000. Thank you, L. - Sometimes a Conservator can be a Good Thing!
The thought of having a conservator appointed for a parent or relative - even a friend or neighbor - is something we all seem to loath. It has all sorts of negative connotations, including the fact that a conserved individual will be paraded through the probate courts with psychiatric and medical evaluations open for all to see. But, most of all, it's the loss of dignity that results when the state declares an individual incapable - and takes away his or her right to vote, or marry, or divorce, or write a check, or pay a bill, or make any other meaningful decisions. It's a position that no one wants to come to in this life. - Powers Of Attorney Vs. Successor Trustees - Does One Have More Power Than The Other
Question: I am listed as the Successor trustee, my bother is listed as the Durable Power of Attorney for property management of my father's estate. Does one have more power than the other. Does the POA have the power to sell my dad's property or do I the successor? Thanks ahead of time - really confused. N.H. - Will I Lose The Capital Gains Exclusion If I Gift My Home Through An LLC
Question: Dear Mr. Pancheri, I read your great article "Gifting Real Estate Under the Annual Gift Tax Exclusion." In this article you explain that an LLC can be used to accomplish this. I am considering an LLC- Is there any change in the basis when membership units are transferred (that is, can I take advantage of the Capital Gains exclusion)?-Can property taxes continue to be used as an income tax deduction when property is in an LLC?
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