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I am 66 and undecided as my best option of a will or doing a
I am 66 and undecided as my best option of a will or doing a quitclaim. My stepgrandson is my only heir and I want him to have my house with as little crap as possible. i DON'T waant a long probate like I just went thru with my mother. I still have a mortgage which he can handle with the insurance money. Is there an easy way to do this?
In New York City there are affordable housing programs that
In New York City there are affordable housing programs that have income and asset restrictions. The asset restriction is "applicants may have no more than $250,000 in total household assets (excluding specifically designated retirement accounts such as IRAs and 401Ks)." I meet the restrictions for income limit, but not for assets.I have no significant assets beyond what I recently inherited: stocks and mutual funds in excess of $250,000. I am sixty-eight years old, retired (for six years), and disabled. My only other income is Social Security benefits and a very small pension ($7,664/yr); so, in effect, these stocks and mutual funds have become my "retirement account," but because they aren't in a "specifically designated account," I seem to be disqualified from entering any of the affordable housing lotteries that occur in New York City.I can't see any way around this predicament. Is there one?
My real estate was placed in an irrevocable trust in 2007. :
My real estate was placed in an irrevocable trust in 2007.JA: OK. The Lawyer will need to help you with this. Have you consulted a lawyer yet?Customer: My husband and I are benificaries to the trust, meaning we have the right to live in the house, pay the bills, upkeep, repairs. Etc, and collect the rent that a mother in law apartment( in the house , ) provides.JA: Is there anything else important you think the Lawyer should know?Customer: We are now in a divorce. His lawyer is trying to get the trust broken, and get some money from the real estate.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.Customer: I have a degenerative disability.
I do not live in Florida, but have (home) property in
I do not live in Florida, but have (home) property in Florida (not homestead) that has no debt. What can I do to make my properties undesirable for creditors, as I am in business across many states. I personally own these properties.
My mother in-law is terminally ill. We are assisiting my father-in-law
My mother in-law is terminally ill. We are assisiting my father-in-law in organizing some estate issues. They reside in Virginia. They have an enormous amount of medical debt from her illness. The families primary concern is how to secure their house and family heirlooms against collection should something happen to both of them. In the event she passes away quickly he may simply file bankruptcy to discharge the medical debt. But in the event something happens to him what is the best thing to do? The house has a lot of euity but is not fully paid off. Can we put the house and any heirloom antiques etc into a living trust? Or is a standard Will sufficient in this instance? Or is there a better way to handle it all together?
My mom is in the hospital and may need to go into a nursing
My mom is in the hospital and may need to go into a nursing home or might need a full time nurse. She has medicare. I would like to transfer her money to me so it is not all taken. She is 92. Can i gift my self money or set up a irrevocable trust now?
My mother had an irrevocable trust and upon her deathView more legal questions
Hello, my mother had an irrevocable trust and upon her death my sisters and I received distribution of her estate via separate share trusts with USAA in the form of mutual funds, stocks and money market funds. I want to transfer my funds to my own financial institution, USAA is telling me I can submit a letter to withdraw/transfer with my co-trustee's (my sister) signature, but my sister is telling me I can ONLY transfer to another trust account that will accept these accounts from USAA. My retirement institution through my employer is working this, but do I really need to go though all this? It seems to me thst I can take these funds and do whatever I want with them. I haven't been able to get the trust attorney on the phone, and all paralegal will say is "if you put all the assets in your personal accounts you lose all protection from creditors". We're not talking millions of dollars here, and I have no creditors, my house is paid, I have no loans or large credit card debt so I don't understand what the big deal is. I want to know of any legal ramifications if I transfer these funds so I can use them and make my spouse beneficiary. Help!