I’m the beneficiary of a (small) trust which my old accountant, let’s call him A, also prepares the returns for. I’m switching to a new tax accountant, and A is now refusing to provide me the K1 for this trust. [more inside]
My mother-in-law's husband died last year, and she has nominated me to be the administrator of his estate. I have a copy of his living trust, but it is missing the trust related documents, transfer documents, etc. The trust was prepared in 1987. I tried to contact the attorney for the trustor, but it looks like he has either died or retired. Is there a way for me to obtain the missing documents? I live in California.
I'm seeking as many opinions as I can get from people with knowledge of financial advising and/or trusts & estates and/or estate planning, about what my parents (in their 80s) ought to do with their $250,000 in liquid assets. I'm NOT looking for the kind of detailed plan we'd get from an advisor whom we hire; I'm looking for short, quite general, common sense answers (such as "These ONE OR TWO types of instruments are good/bad; all others are to be avoided/considered.") I'm also looking for as many answers as I can get. In order to get that assortment of answers, I want to disclose only a very few specific things about the folks: 1. they currently rent an apartment; they do not own a home. 2. they are in their 80s--relatively healthy and can drive, shop, take care of themselves, but I'm not sure how long that'll last. I'd like to see them in a retirement community within a couple years. 3. Their only income (which doesn't amount to much) is social security. 4. They lose about $2,100 in total expenses every month. That's just about equal to what they take in each month. 5. Their one and only significant asset is a liquid $250,000. Okay, at their age, and considering all the above, WHAT IS/ARE THE MOST PRACTICAL THING(s) THEY SHOULD DO WITH THAT LUMP OF LIQUID MONEY? THANK YOU from their worried adult child with a family of my own!
My friend, a dual Canadian/American citizen living in the UK, is discussing the terms of a trust with her (US) father. By the time she inherits, she may have given up US citizenship. Does this need to be mentioned so they can account for it now? [more inside]
A few recommendations needed for a new resident of Milwaukee. [more inside]
My father and I are interested in buying and splitting an investment property 50-50. What are the sort of legal arrangements we should be looking into to lower tax burdens and maximize buying power? LLC? Trusts? Who should we be talking to about this? [more inside]
Since I am a lawyer (though of course, not your lawyer, and not his lawyer), a family member asked if I could help him with some issues regarding a durable power of attorney (NY State). Unfortunately, I'm not a trusts & estates lawyer, so I need some direction as to what I should look at and consider in order to let him know whether he should consult a lawyer with that expertise. I know you're not my lawyer, and I'm not seeking your legal advice. [more inside]
Relative C receives power of attorney over Relative A. Relative C wants to change the will. Relative A, on her good days, agrees. Their lawyer won't let this happen, claiming conflict of interest. What to do? [more inside]
my friend invests a lot of his money in energy and oil trusts. typically these trusts pay a dividend per share every month...and so they tend to average higher yields than most regular stocks. PWE is one of them. im considering putting money into an energy trust, but i want to know if the buzz is legit. somebody write back...
Is helping family from New York prepare wills and trusts the "unauthorized practice of law" if I'm an attorney from a different state? [more inside]
If a person has a trust and then dies, does the executor HAVE to disperse the assets as instructed in the trust/will? What's to stop him from just keeping everything, or rearranging the distribution? I was recently left a piece of property, but I am worried the executor (my brother) will try to sell the property to pay the estate taxes rather than dipping in the brokerage account (which was left to him). Or would there be another, separate account dedicated to paying the estate taxes? My brother is not entirely honorable about these things, and the brokerage account far exceeds the value of the house. Does anyone know how much latitude he has?
Please help me make a proposal to my family about the fate of my parents’ home that is equitable and reasonable and doesn’t make me seem like a greedy jerkface. [more inside]
What can I do to continue recieivng SSI and Medicaid benefits if I received a lump sum insurance proceeds? [more inside]
Would a member know what is considered a reasonable and just fee acting as a legal Executor for a person's Estate in the State of Florida? Is there a web site that would provide an estimate of Executors fees handling the disposition of a Florida Living Trust? Thank you.
Forgiving or otherwise reducing Maw's debts? [more inside]
Setting up a financial trust for Maw? [more inside]