Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I have 2 children. I have sold my house to one of my

Customer Question
I have 2 children...

I have 2 children. I have sold my house to one of my children at fair market value. They have used 1/2 of the value as their down payment and I will receive the other half at closing (there is no current mortgage on the house). My question: What is the best method for me to use to set aside the 2nd half of the house value for my other child, who is not a minor but is not in a position to take the money right now?

Lawyer's Assistant: You just pay a $5 deposit now and the rest only when you get a reply from the Estate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.

How do i pay the $5?

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Ok

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

The house is in NJ, I live in NJ. The daughter for whom I need to set aside money lives in New York.

Lawyer's Assistant: What documents or supporting evidence do you have?

At the moment, nothing we have not closed yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I have investigated Totten account and Irrevocable Trust. I don't like Irrevocable Living Trust because of the need to set up criteria upon which the trust can be accessed by my daughter. I'm not clear on how NJ would treat the POD account. I'm married and other assets are already in various funds. ok

Submitted: 9 months ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 1 minute by:
8/9/2017
Estate Lawyer: Richard, Attorney replied 9 months ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,754
Experience: 29 years of experience practicing law, including tax and estate planning.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Estate Law Question
Estate Lawyer: Richard, Attorney replied 9 months ago

Good evening. You would want to set up a trust for the benefit of your second child and when the house is sold, the money you receive shoulurd go into the trust. It can either be a revocable trust which you continue to control through your life, or an irrevocable trust which you cannot revoke later. It should be for the benefit of your second child to be distributed as set forth in the trust agreement, which terms can be established by you. The trust should contain a "spendthrift provision" to protect the trust assets from any creditors of your second son while the assets are held by the trust.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Estate Law Question
Was this answer helpful?
Ask Richard Your Own Question
Richard
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,754
56,754 Satisfied Customers
Experience: 29 years of experience practicing law, including tax and estate planning.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,488 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,126 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,032 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,841 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,454 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,167 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
What if a Benificiary of a POD account dies the day after?
What if a Benificiary of a POD account dies the day after? Would the account go under their assets? … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Can a living trust be named as a secondary beneficiary in a
Can a living trust be named as a secondary beneficiary in a will? … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
Therewhat kind of things can you include in a living trust
Hello therewhat kind of things can you include in a living trust and what not to include … read more
socrateaser
socrateaser
1,031 satisfied customers
CA Question for a living trust My husband is named as an
CA Question for a living trustMy husband is named as an heir for the home in our aunts living trust , (aunt ) passed away in January and our mom is the executor . The home just went into contract for … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
Regarding revocable living trust: are there any documents
Regarding revocable living trust: are there any documents that should not go into the trust, e.g. powers of attorney, letters of instruction, will, etc.? Are trusts required to register with the local… read more
MyVirtualCPA
MyVirtualCPA
Master's Degree
312 satisfied customers
My question: does a beneficiary of a living trust have the
Good afternoon. My question: does a beneficiary of a living trust have the right to see the living trust … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
The Schick Family Trust (a living trust) was established in
The Schick Family Trust (a living trust) was established in 1997 and has not been modified since its creation. The trust settlors (Paul and Rosemary Schick) are now deceased – Paul in August 2017, Ros… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
I am inquiring about my fathers living trust. my brother an
I am inquiring about my fathers living trust. my brother an I are the sole heirs,the trust name is ***** ***** trust… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Do I need a lawyer to make a Revocable Living Trust or can I
Do I need a lawyer to make a Revocable Living Trust or can I just use LegalZoom or something like that to create? What advantages are there to getting a lawyer?… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
This question is about creating a living trust in the state
Hello. This question is about creating a living trust in the state of Florida.I have been asked by a lady who doesn't speak English well to create her living trust document. My question is, is a non l… read more
Jessica B
Jessica B
Juris Doctor
1,083 satisfied customers
I have a revocable living trust and just opened up a trust
I have a revocable living trust and just opened up a trust checking account under my trust name. Can I do a POD beneficiary or how do I go about designating a beneficiary to that account? … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
My grandmother died without a will or living trust. My
My grandmother died without a will or living trust. My grandmother has one daughter living and one deceased, my mother. My aunt has hired a probate attorney. Do I need to hire an attorney to make sure… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
Instead of a will, should he create a living trust instead?
Hello again, instead of a will, should he create a living trust instead? What would be best?… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
This question is in regard to a Irrevocable Living Trust.
This question is in regard to a Irrevocable Living Trust. Can a Grantor set up an ILT such that during the lifetime of the Trustee(s) the Trustee(s) receive 60% of the interest earned by the Trust and… read more
Richard
Richard
Attorney
56,754 satisfied customers
I am the sole owner of a Living Trust my husband and I
I am the sole owner of a Living Trust my husband and I established, can I spend some of the funds as needed? … read more
Jessica B
Jessica B
Juris Doctor
1,083 satisfied customers
A self trusteed living trust was executed for the benefit of
A self trusteed living trust was executed for the benefit of wife daughters. Wife died and trustee says investing some trust assets into 529 plans is not legal Note:. One of the specific objectives of… read more
Damien Bosco
Damien Bosco
Attorney
Doctoral Degree
4,524 satisfied customers
Is the living member of a living trust...as in I and
Is the living member of a living trust...as in Juan I and Graciela *****Hernandez Living Trust...Juan dies...does Graciela have to tell the benificiaries of the living trust they are beneficiaries?… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,126 satisfied customers
What is stronger in an estate. A Will or POD. My sister was
What is stronger in an estate. A Will or POD. My sister was POD and beneficiary on accounts and Survivor on accounts and estate. But the Will says we (3) get equal shares. She claims she gets all asse… read more
RobertJDFL
RobertJDFL
Attorney
Juris Doctorate
1,454 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x