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Recent Revocable Living Trust questions

WE have a revocable living trust, my husband and I, and have

WE have a revocable living trust, my husband and I, and have 2 of our sons on it also - we only have a house , nothing else, wondering if when we die , if we have credit card debt, if our sons will be legally liable to pay those. I have just come through some situations with others where the heirs/ in this case we have a trust / were not legally liable for those debts of the unsecured credit cards. What say you ?

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Damien Bosco

Attorney

Doctoral Degree

2,740 satisfied customers
My mother died last month. I am her executrix of her will

My mother died last month. I am her executrix of her will and the trustee for her revocable living trust. She lived in Florida and owned a house. I filed her will at circuit court and I filled a quit claim deed as well (property equally divided between my brother and me). I was told that I need to open an estate account in her name (I already have a checking account where I am joint with her). But I was told I need a letter of testamentary in order to do that. How can I get this letter (with the living trust I was told I don't need to go thru probate) in order to open the estate account. I was told my the surrogate court in NY (where I live) that I would have to get a letter from Florida first and then get an ancillary letter for NY in order to open her estate account in NY.JA: Since laws vary from place to place, what state is this in?Customer: The state is Florida. I live in NY.JA: Have you talked to a lawyer yet?Customer: No, my mother had a lawyer that prepared all the documents but when I tried to talk to her she sent me a letter saying she wouldn't talk to me without paying her money up front. Which is what I had intended to do ... But the letter put me off ... And since then I've found out she was not recommended.JA: Anything else you think the lawyer should know?Customer: There is no contention about the distributions to the beneficiaries of the will ... I'm just trying to get thru the process. We had thought having the living trust and all the paperwork would make this easier. Doesn't seem so.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,302 satisfied customers
My mother died Aug. 2, 2016 and I am the executor. I have no

My mother died Aug. 2, 2016 and I am the executor. I have no idea what I'm doing. One part of her estate is a $14000 from Ohio Deferred Compensation. My mother lived in California as do I. They are asking for a letter of authority. How do I get that? Also how do I get a new tax id number?

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LawTalk

Attorney at Law

Juris Doctor

32,450 satisfied customers
My Mom lives in New York (manhattan) Sh'e 85 and Ill. I am

My Mom lives in New York (manhattan) Sh'e 85 and Ill. I am already her POA and Proxy. How do I become her Trustee?

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LegalGems

Juris Doctorate

13,532 satisfied customers
I am looking for assistance from the appropriate

I am looking for assistance from the appropriate professional, familiar with California and Federal real estate and tax laws, as well as estate planning.My wife and I were married a little under two years ago. Back in 1988, she purchased a home in Bay Point, CA jointly with her parents. Her parents have never lived in the property, but my wife has always lived here and we continue to do so now. In 1991, the parents transferred their ownership share to their revocable living trust. They are now considering deeding the remainder of their interest in the property to her. She is an only child and will become the eventual Successor Trustee and receive the totality of her parent's estate upon their passing. The property is unencumbered. I am trying to assist them in determining the most appropriate path forward from estate and tax planning perspectives, as well as how to complete the filings, should they choose to do so.This generates many questions to be answered:1. Should they complete the transfer now, or wait until both of her parents have passed? There seem to be pros and cons for each case.2. If they complete the transfer now, through what instrument should this happen? A simple quitclaim deed?3. It appears that there would be an exemption from a reassessment for County property taxes and even (possibly) for the transfer tax, but not from the Federal Gift Tax. What are the implications of the Gift Tax (considering the 2016 exclusion(s) and that her parents have never gifted anything previously)?4. Since it will be the Trust that is transferring (gifting) ownership, is it eligible for the Gift Tax exclusion and for how much ($14K or $28K)?5. The parents have never treated the house as a rental property (no rent collection nor depreciation taken). Could this become an tax issue if a transfer is completed now?6. Regarding ownership of the property, is the trust considered a single entity (50/50 Trust/Daughter ownership? The parents originally took title as married individuals prior to transferring ownership of their share to their trust.7. Are there other considerations which might help make the decision of whether to wait or not?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,302 satisfied customers
Ray, I did another points relied on and made some changes

Hi Ray,I did another points relied on and made some changes and I would be appreciative of your opinion and review of the RSMo and the case studies to make sure they are correct. Some I took from what my lawyer did, but after I found out he let this go to trial on my mother and again if I am correct 473.444 time barred them and if they wanted an accounting to remove myself on my son 469.409 would have barred them as well.Since this is after the fact because the trial was in 12-2015 can I still bring this up as my defense.Can you let me know how long this takes you to look this up so I can compensate you accordingly.Thank you.

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RayAnswers

Lawyer

Doctoral Degree

35,164 satisfied customers
I am a beneficiary of a revocable living trust. I would like

I am a beneficiary of a revocable living trust. I would like to know how I can remove myself from that revocable living trust?JA: Handling a trust can seem complicated, but getting the right information now can only help. The attorneys we work with have a lot of experience, and I'd like to match you with the one who's the best fit.Customer: okJA: Have you talked to a lawyer yet?Customer: not yetJA: Anything else you think the lawyer should know?Customer: not that's it.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 Estate Lawyer about your situation and then connect you two.

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RobertJDFL

Attorney

Juris Doctorate

12,138 satisfied customers
I need help putting together my answer to an eviction from

I need help putting together my answer to an eviction from my home, it is owned by a trust that my grandfather set up for me and I am the only beneficiary of the trust. I am being evicted because I filed a lawsuit against the trustees. It is a Missouri trust and I live in Kansas. Five years ago just after my grandfather died, the trustees deleted the purpose of the trust, it was supposed to provide for "health, education, maintenance, and support". They did not tell me about it and forged my signature on the notifications of the amendments. They replaced the standard with "absolute and sole discretion" and now claim they can do whatever they want. There is a special trustee in place that I believe has the authority to change anything but I'm getting ready to file a lawsuit in Missouri to challenge this change. The Kansas lawsuit is a long story but it involves unlawful imprisonment, fraud, conspiracy, and one heck of a defamation claim. It's complicated, but right now I've got to deal with this eviction answer... I need to know if I can deny each of these claims as a beneficiary by Kansas law and how I should word it, I don't have a lease or anything other than my trust.They claim that the trust owns fee simple title of the property, is this correct? Do I agree and then throw in the I have a beneficial interest or what?They claim to have "full administrative authority" to invest and manage the property of the trust. They do by the trust and they deleted the h.e.m.s. standard... But obviously evicting me isn't in my best interest. But do I deny this claim?They claim that I am occupying the property as a tenant at will, I don't have a lease but I'm not a tenant, I'm a beneficiary of my trust. Do I deny this?They claim to be evicting me with the intent on selling the property, can I deny this and state that don't have a right to sell my home because of the original intent by the h.e.m.s. Standard?They tried to pull a fast one, they delivered the first summons last week and it said the court date was a month away. I checked the court website a few days ago and the time stamps showed that just after they served me with the eviction, they cancelled that court date and an alias was issued with a court date of yesterday... I asked their attorney about it and he told me that he had verified that what was served to me was the alias and basically called me a liar. He said that the original had never even been issued. When I pointed out that the process server delivered the summons at 1:00 and the alias wasn't even created until 4:00, he apologized and cancelled that court date. Now it's on the 7th. They were planning on me missing the court date. Can I include this incident for the court to see? Also, I have an email from the trustees that says "just don't sue and you won't be evicted". Well, I sued so here I am.Can I include the forged signatures from the notifications about removing the Standard? It's five years old but pretty relevant I think...Here's another thing, my mother is a trustee along with 4 other people, she wants nothing to do with these guys let alone evicting me but they put her name and the petition and her name only, they are all out of state but still, does that make any sense? If it's only going to be her at the hearing then the judge will be really confused, they do have an attorney though.

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Dwayne B.

Juris Doctor

35,320 satisfied customers
Not sure if I should be asking an estate lawyer or real

Not sure if I should be asking an estate lawyer or real estate lawyer this question.Here is the scenario: my mother created a revocable living trust in 2001 (The trust is in her name. I believe she was the trustor and my aunt was named the trustee in the event of her death. The main purpose was to delegate my aunt with the task of dividing her property in the event of her death). The deed of her house was listed under her trust name.We just closed on that house yesterday. Our representative at the title company called my mother and said the account in which the funds were to be wired into needed to be in the name of the trust (since the deed was in the trust name).The problem is, my mother can't find the paperwork for the trust and doesn't remember what lawyer helped her draft this up. She never set up a bank account in the trust name, and our bank says it requires the trust paperwork in order to do so.What are our options? Our money is sitting in escrow until we can figure out how to get an account set up in the trusts name. I would think that since she created this trust there has got to be a way for her to access her money.Please let me know if more info is needed. Thank you.

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