Dad has control of the estate after I signed a document. I
Dad has control of the estate after I signed a document. I had very little information about what I was signing and my dad rushed me to sign it immediately and then he ran out the door.My mom always told me and my brother that they had created a living trust that would be split 50/50. My mom died last year and the only thing my dad ever contacted me about was some document he said he needed me to sign so that he could sell the house. He said it had to do with the title company and he couldn't sell it because moms name was on the title. I believe that's what he said. He rushed over to have me sign it. I didn't get much of a chance to read it. So after that, dad sells the house, and has been spending all the money from the proceeds. We didn't receive one dime from the sale of the home, any assets she may have held in her checking account etc.He said he was going to give us 50k each (before mom died). That never happened. He got a new girlfriend within weeks of my moms death. I think she is a shady character. He's bought a mobile home for 130K, an expensive diamond ring for himself, a trip to new York for 2 , a cruise to Alaska for 2, expensive clarinet etc. He's also holding on to moms mink coat so he could sell it. When I asked him for some money to help pay for a vacation, he flatly turned us down. He said he has a right to a life too. It makes my head spin how quickly he got rid of my mothers possessions. He also gave away an expensive emerald and diamond ring to my moms sister.Is there some way to find out what I signed? Why wasn't my brother asked to sign? My brother was named the executor but he said he never signed anything and no one ever contacted him. Is there anything I can do now? He says he's going to make a new trust, now he says he's going to make a will. I am extremely upset and don't know what I can do.
My fiance was named a beneficiary in his aunt's Living Trust
My fiance was named a beneficiary in his aunt's Living Trust in the state of CA. His aunt passed away last year in March and he is just now being notified that he was listed as a beneficiary. He contacted the attorney who prepared his aunt's Living Trust and was told that $150k was stolen from the account and it would take a while to sort things out. The attorney also stated that they were trying to get the money back but never stated who stole it. As a beneficiary what rights does my fiance have and what kind of lawyer should he hire?
Our mother had a living trust created naming my oldest
Our mother had a living trust created naming my oldest sibling and myself as the benefactors. When our mother passed away - my brother was named the successor trustee. The only thing that really holds any value is our late mother's home. He has removed it from the trust and placed it under an LLC. According to the LLC paperwork filed in CA I am listed as one of the members of the LLC. Now what I want is to be bought out - Just want my cut of the house that was granted to me by the trust. I was told to wait another 2 months. What I would like to do is make sure that once the 2 months is up that either:I have the money in handThat the house is on the marketWhat type of lawyer should I use and what letter should I send to my brother?
A property held in a living trust is to be given to me upon
a property held in a living trust is to be given to me upon that persons demise, we are both same sex and he wished is to be transferred with minimal amount of taxes hassle ect, He has offered to deed or gift me the property now however I do not know if that is the best option. I thought about changing it to joint tenancy with both his and my trust. is this the best option to avoid excessive taxes and make a seamless transition
My mother set up a GST trust through her living trust upon
My mother set up a GST trust through her living trust upon her death. She died in 2002. The trust owns property and has income. I am the sole beneficiary and trustee, and my two children are the beneficiaries upon my death. The property has appreciated and I am now concerned that upon my death the property would transfer, via the trust, to my children with its current book value. If I terminate the trust and transfer the property to me personally, upon my death the property will have a step up in basis and my total assets are below $5,000,000 so will not be taxed upon my death.Question: Is there any tax or legal reason why I should not terminate the trust and distribute the property to myself personally. The trust gives me authority to do so.
My two sisters and I are trustees and beneficiaries to two
Hello,My two sisters and I are trustees and beneficiaries to two trusts set up by my parents as part of their estate plan. A lawyer reviewed the trusts on our behalf and determined that there is a provision in the trusts to allow the properties in the trusts to be transferred our names now. He said that the only thing that we would need to do is sign the deeds to the properties. Here are our questions:1) By transferring the properties in our names will this help to thwart any potential challenges by a potential sibling (whom my father denies fathering) who may make claims to the properties?2) My sisters and I would like to have the ability to take a loan out against the properties for investment purposes. Are there any caveats/things that we should be aware to facilitate our financing process for the properties?3) Are there any negative tax implications to transferring the properties into our names?
In arizona if one party, married at the time now deceased,
in arizona if one party, married at the time now deceased, leaves property to a family friend but specifies only after the spouse death can the benfeciary take possesion of that property what takes place if the spouse creates a living trust as a widow leaving that property to one of their family member. The deceased spouse did not inform his wife that he had formally given the property to the friend in a will that was notorized.
I am the trustee for my deceased brother's estate. His home
I am the trustee for my deceased brother's estate. His home is in his living trust. there are 7 beneficiaries. Home with no mortgage was sold. I assume each beneficiary receives a K-1. $20,000 was put into repairs after his death and be sale. Closing cost for sale were $12,000.Questions can cost of repairs go into loss on the sale?Will beneficiaries only benefit from the capital loss when they have a capital gain?What happens to the capital loss if there is no offset cap gain for a beneficiary?