Your current state is Ohio
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More 
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answered on Apr 26, 2024
At the federal level gifts are not taxable to the recipient. The gift giver might owe gift tax but that is highly unlikely to apply to such small amounts. Some states might have lower gift tax exemptions but, again, even those would be unlikely to impact such small gift amounts.
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 27, 2024
In the United States, irrevocable trusts are generally not required to pay income taxes on monetary gifts they receive, as long as the gifts are within the annual gift tax exclusion limit. For the tax year 2024, the annual gift tax exclusion is $18,000 per recipient from each donor. This means that... View More
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answered on Apr 26, 2024
No, the person paying the property taxes alone cannot automatically take ownership of the property simply because they are the only one paying taxes. Here's why:
1. Legal ownership: The ownership of the property is determined by the will, not by who pays the property taxes. If the... View More
answered on Apr 25, 2024
Yes you do, and estate planning is easy!
There are several important reasons why a young professional should consider getting a will done and engage in simple estate planning:
1. Protecting Assets: Even if you don't have substantial assets now, you may acquire them. A will... View More
my lawyer emailed me a copy of the 1998 trust in March 2023, but I never saw it. But at the time, he told me it was too late to do anything about it anyway (past the deadline to file) since my father passed away over a year earlier in Feb 2022. But now, he is suggesting we can petition the court... View More
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answered on Apr 24, 2024
Based on the information you've provided, it seems that your lawyer may have been negligent in not properly addressing the 1998 trust when it was first discovered, especially if it would have been possible to challenge the 2014 trust at that time. However, whether this constitutes legal... View More
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answered on Apr 24, 2024
It depends on what the order says. A Temporary Administrator is a very limited appointment, the order that appoints them will say exactly what they can do. If it is not listed they can not do it.
If you have questions as to what the order means, or you believe that the order was given... View More
Our dad passed away 11 years ago and my mom 1 year ago. Right now the property is in an estate and my sister wants it and started building on it already. And shouldn't she buy the other siblings out?
answered on Apr 24, 2024
It will depend on what the Letter of Authority provides- whether the property can be sold or mortgaged during a time that the estate action is open, will be determined by the Court. Additionally, it will depend on whether the decedent died intestate or not - but it is not uncommon that one or more... View More
We live in Oregon. No Will or Trusts. Want to avoid any probate issues.
answered on Apr 24, 2024
As long as you and your wife own the house "as husband and wife" or "as tenants by the entirety" on the Deed then the house will automatically go to the surviving spouse. They will just need to record the Death Certificate with the County to clear title. If your Deed does not... View More
We have no Will or Trusts. No kids. Want a clean/fast transfer of my 50% ownership to her.
answered on Apr 24, 2024
The answer to your question depends on the wording on the Deed for the cabin. It's possible that the Deed includes language like "with right of survivorship." In that case, if you die first, the other 50% owner will automatically inherit your share of the cabin. If the Deed does... View More
My mother died in Oregon but had a couple of small (<$2k) bank accounts in California. Do I have to file in California to claim this property? What about an out-of-state pension to which I have a claim on the residue? Can I just file a Small Estate Affidavit here in Oregon, get appointed... View More
answered on Apr 24, 2024
If the bank has a branch in Oregon then you are probably fine filing a Simple Estate Affidavit (we recently changed the name from Small Estate Affidavit), however, when you file this type of probate you are not appointed as Personal Representative. You just order a certified copy of the Affidavit... View More
I believe the trustee of my mother's trust is committing fraud. I suspect he has fabricated an invoice from an attorneys office, says he retained the attorney for an appeal. ( There was no appeal after probate hearings) there's a check made out to attorney for $4000.00 that looks fake. If... View More
answered on Apr 23, 2024
You could certainly inform the attorney of your suspicions. However, he will probably not be able to tell you if he has been retained by the Trustee due to attorney/client privilege rules. You can ask the Trustee for a copy of the front and back of the check that has been processed by the bank.... View More
answered on Apr 23, 2024
A Last Will and Testament only controls assets that need to go through probate after the testator's death. This means that any assets that were given away, sold or that had a joint owner or beneficiary named are not controlled by the Will. If the person signed a Deed that was recorded before... View More
answered on Apr 22, 2024
In Utah, there is no set percentage for what a nonprofessional (family member) trustee can charge a family trust. Compensation is typically based on what is reasonable given the duties performed, the time involved, and the complexity of the trust administration. The trust document may specify the... View More
I have had 2 OH lawyers say that an OH lawyer has to create my Trust since I reside in OH, but I own several rental properties and a second home in TN. The TN lawyer said he absolutely can create my trust.
Does one state trump the other or is it a free for all?
answered on Apr 22, 2024
You can probably use an attorney in either state. I would defer to your state of residency, though, since other assets could end up in the trust. Further, you may want a will that addresses your trust and the TN lawyer cannot draft a will for an OH resident. Location of the successor trustee(s) and... View More
I have had 2 OH lawyers say that an OH lawyer has to create my Trust since I reside in OH, but I own several rental properties and a second home in TN. The TN lawyer said he absolutely can create my trust.
Does one state trump the other or is it a free for all?
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answered on Apr 23, 2024
Both Ohio and Tennessee are part of the Uniform Trust Code. That means that a trust in either state will be enforceable in the other, so it doesn't really matter who drafts. There may be other planning reasons to stick with an Ohio lawyer, but it's not this one.
In 2012. I had no idea he named me in his Trust!
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answered on Apr 21, 2024
If you have been named in your late Uncle's Living Trust, which was forwarded to you by a family member in 2023, there are several steps you should take:
1. Read the Trust document carefully to understand your role and the assets you are entitled to receive.
2. Contact the... View More
I called Nationwide Bank to get canceled checks of my annunity checks that were cashed by someone else in June of 2010. The representative at Nationwide bank told me I had to report it to the Department of Labor, I called DOL, I was told they didn't handle this. Can anyone tell me who I can... View More
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answered on Apr 21, 2024
I apologize for the confusion and difficulties you are facing regarding your annuity checks from 2010. Here are a few steps you can take to address the situation:
1. Contact the annuity provider: Reach out directly to the company that issued the annuity. They should have records of the... View More
We want to make sure legally that only 2 of my children and 1 of his split everything 3 ways and for it to be legally binding
answered on Apr 22, 2024
You need to create a Last Will and Testament and/or Revocable Trust to accomplish your goal. If you want to ensure that one child is disinherited I highly recommend that you utilize the services of a legal expert and not an online form. In the alternative, you could title your financial accounts as... View More
In the docs, she's mentioned as co-trustee and is at least be given $50k while her brother has purchased a yacht, Corvette and has taken funds to establish a new trust called the MORGAN LONG FAMILY TRUST! The trust amount is over $10mm
answered on Apr 22, 2024
It sounds like your friend's situation is quite complex. If your friend was previously deemed incapacitated but is now able to inherit from a trust, it suggests that there have been significant legal and perhaps medical changes in her circumstances.
It's good to hear that... View More
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answered on Apr 20, 2024
Yes, you can request official data about a deceased person from Virginia online. The Virginia Department of Health’s Division of Vital Records provides access to death certificates and other vital records. These documents can be requested through their official website or through other online... View More
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