Questions tagged [trusts-and-estates]
The trusts-and-estates tag has no usage guidance.
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Can someone please tell me what the letters TSE stand for after an attny name?
What do the letter's TSE stand for at the end of an attny name?
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Living Revocable Trust and Death
If a person dies with a living revocable trust then that trust becomes irrevocable at the date of death. When it becomes irrevocable, does the date the trust was created change?
That is, if a person ...
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Estate disposition: Summary Administration
FS 735.201 indicates two conditions for "Summary administration":
735.201 Summary administration; nature of proceedings.—Summary administration may be had in the administration of either a ...
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Where can I find the tax waiver rules for New Jersey?
A person dies in the state of New Jersey. When do you have to file form L-4?
Note: It seems to me that if all the beneficiaries are class A then there is no real need to file form L-4 because there is ...
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What is an “estate,” as in a “housing estate” or “council estate”? [closed]
Also, how does this sense of the word differ from those used in other jurisdictions, and how are any of the senses of the term derived from one another if at all?
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Naming Estate Accounts
Joe Smith (a fictional person) dies with several brokerage accounts and a living revocable trust. The trust has several brokerage accounts also. The name of the trust is Smith Living Trust. Now, ...
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EIN number(s) for an Estate - Are two needed?
A person dies with money in individual brokerage accounts and a living revocable trust which has brokerage accounts.
Given these facts, it is my claim that to settle the estate, you should get two EIN ...
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Getting an EIN number for a Trust and Section 645
A person dies with a revocable trust that becomes irrevocable after the person's death. The trustee of the irrevocable trust wants to get an EIN number. If in the process of getting the EIN number he/...
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Asset protection trusts and death of the beneficiary
It is my understanding that an asset protection trust cannot allow the beneficiary to specify where the money goes after the beneficiary dies. That is, it cannot give the beneficiary a general power ...
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Buying a house from a trust that you own
Suppose that person X is the beneficiary and the sole trustee of an irrevocable asset protection trust. He is not the grantor of the trust. The trust has stocks, bonds and an house in it. Person X has ...
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Final Income tax Return due to death
If a person dies in 2023 and he has significant income in 2023 he has to file an income tax return. Would that income tax return cover the entire year or would it just cover Jan 1 to the date of death?...
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Serving as a trustee of a trust
A person serves as a trustee of an asset protection trust without compensation. Suppose there is a problem and some of the money is missing from the trust.
Could the trustee be sued and have to pay ...
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Trust Income tax and distributions
A hypothetical person has an irrevocable trust fund set up for him when his/her parents die. The adult child is the sole beneficiary of the trust and the sole trustee. He has a general power of ...
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Selling a house inside an estate
The XYZ person dies and the will says that all the assets of XYZ goes into a trust. The estate of the XYZ person includes a house. Under what circumstances, if any, can the executor of the XYZ estate ...
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Gifting money to an Estate
Can you make a gift to a person after they die? That is, can you give money to an estate? Are there any particular disadvantages to doing so?
I am thinking of the case where the estate is leaving ...
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Asset protect trust and final expensers
A parent dies and leaves all his/her money to his/her adult child into an asset protection trust. The adult child wants to see as much money as possible in the trust. Hence he personally pays for the ...
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Does this small probate estate require probate?
A person dies with a probate estate of about $9,000 and 8 million dollars inside a living revocable trust. I would not call this a small estate but I would call it a small probate estate.
In this case,...
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Does this require probate?
Let's assume that Bob and Abby are a married couple. Bob's will leaves everything to Abby. Bob has a brokerage account solely in his name with no TOD on the account. Bob then dies. It is my ...
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Who gets to see the living revocable trust documents when a person dies?
Suppose that person X has setup a living revocable trust and his or her will leaves everything to the trust. The trust controls who gets the assets after person X dies.
After some time, person X dies. ...
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Why does "object" mean "the persons who may benefit from property on the exercise of a distributive power, or discretionary trust"?
I know that legal persons can be natural/physical, or juridical/fictitious. But even fictitious persons are animate, or are run by humans! Hence, this word choice of OBJECTS feels weird, because "...
user50020
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Transferring a property with personal mortgage to an LLC through a land trust
Let's say one has a property with a personal mortgage on it. This question is about transferring the property to an LLC. In order to avoid triggering accelerated mortgage payment, this is often done ...
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Testamentary Trust
A person is thinking about leaving his money to four people. I will call them p1,p2,p3 and p4. When he dies he wants his money to go into a trust. In addition, he wants p1, p2 and p3 to be able to ...
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Can an easement be removed if it's not necessary?
There are two easements across two parcels of my property. Both are 50-foot wide, adjacent, appurtenant, easements that are used by the individual who originally sold our property to the people we ...
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Do all heirs have to sign to sell inherited real estate In West Virginia?
My Mother passed away and named five beneficiaries in her will. Before her house was sold, my sister, one of the five, passed away intestate. She has two adult children. Now, my sister’s son is ...
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How should I make a Asset Protection Irrevocable Trust? [closed]
I want to make a irrevocable trust to protect me against potential lawsuits and future divorce (I am not yet married).
At the same time, I want to be able to invest my assets (cash/securities right ...
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In what situations can siblings inherit a home, but one sibling has more control over its management? (US)
I'm developing a story idea in which the protagonist co-inherits their grandmother's home with their sister and, long-story-short, I'm trying to create an obstacle where the sister wants to sell the ...
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Probate vs Non-Probate Assets for Wills
New York State (USA) here. I'm having trouble understanding the difference between Probate and Non-Probate assets, from a Will/Testament standpoint.
I believe non-probate assets are specific gifts you ...
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What can be done about a thief that has happened in the past
My husband and I (we are gay) live in the US, he came here as a runaway at age 14. He ran away because he was abused by his adoptive father. He had no contact with his family for the next 18-plus ...
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If I am part of a family trust but was under age can my grandmother or mother settle in court for a lump sum of money and have me taken off the will
My great grandfather left a family trust; my grandmother says she sold my portion in court to the trustee while I was under age. Is that legal? I am from California, U.S.A
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Ammending / restating a Living Revocable Trust
Imagine a person has setup a living revocable trust. If the trust is amended you would need to keep both the original trust documents and the amendment. (Correct me if I am wrong about this?)
Now ...
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Elder relative unwilling to change will to reflect current wishes
An elder relative, over 100 years old but with their mental faculties remarkably intact, has informed me after the death of their eldest child that I will be the executor of their estate. Let's say ...
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If our HOA does not have enough to pay for all damages, would putting everything into my trust be enough to protect my assets?
Let's say someone sues our small HOA for more than the HOA insurance will cover (for something that happened in the common area), and not finding enough, sues each owner for the rest. Would my assets ...
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Can a chapter 7 Bankruptcy trustee enforce a beneficial interest of a debtor to a trust the debtor is entitled to?
A trust has recently been created for my benefit and I am the sole beneficiary. I am in Atlanta, GA if this helps for reasons of practice or procedure. The trust is irrevocable and has provisions that ...
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What imaginative detours could be taken to get around the legal impossibility for an AI to be a legal entity?
I was reading about corporations and trusts and came to wonder how one could use existing legal tools to allow a robot to be as "autonomous" as possible.
I imagine a foundation or non-profit ...
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Why can a trust be valid, but unenforceable? But not contracts?
I am quoting two Oxford University Law professors.
Aruna Nair wrote
Thus, while a trust of land may be created orally, a beneficiary will not be able to enforce any interest under it unless the trust ...
user42021
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Does a squatter's executor have tenant rights after the squatter's death?
In California, "Bob" was living rent-free for years in exchange for caretaking and minor repairs. There wasn't any written contract.
Six weeks ago, Bob's sister "Sue" began to ...
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Death of a Grantor and taxes
Imagine Paul sets up a defective irrevocable grantor trust for his daughter Mary. After the death of Paul, does the trust have to get an EIN number and file a separate tax return? Is there a way that ...
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Are these two trusts substantial identical?
The following is a quote from IRS Instructions for form 1041:
Two or more trusts are treated as
one trust if the trusts have substantially
the same grantor(s) and substantially
the same primary ...
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What happens to the heirs/successors of Medicaid recipients who are members of Special Needs Trusts?
US and NYS here.
I am reviewing options to try and get my elderly mother (she's 75 and quite sick with miscellaneous heart, lung and vacularity problems) eligible for Medicaid.
I was told about Pooled ...
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How would this non-grantor trust be taxed?
Paul sets up a irrevocable non-grantor trust for his adult daughter Sue. He funds the trust for $200,000. In the first year, the trust earns $15,000 from investments. The trust does not distribute any ...
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One Trust paying out to another Trust
If a person has setup a living revocable trust, can that person put a clause in the trust that upon death of the grantor the assets of the living revocable trust be paid out to a different trust that ...
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How to find out whether direct transfer is an option for a spousal rollover
Let's say person #1 and person #2 are married. Person #1 has a retirement plan which is administered at company #1. Person #2 has a retirement plan which is administered at company #2. Person #1 dies, ...
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How an estate Trust works
I recently found out that my parents are broke. They have nothing saved, no stock, bonds, etc, and the house they have lived in for 30 years still has a heavy mortgage. My father does have a 10k life ...
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What's "a disposition to trusts"?
The word choice of disposition baffles me, because in ordinary 2021 AD English, disposition means "frame of mind, attitude, inclination; temperament, natural tendency or constitution of the mind&...
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What actions can be taken against a trustee who won’t disburse funds from a trust on unjust grounds?
If a trustee was refusing to disburse funds to a beneficiary and a case could be made that they did not have any sound reason for withholding, what legal actions does the law provide, to lawyers or ...
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Can you be guaranteed a free lawyer to manage a trust fund dispute?
I believe there is a trust in my name which I should have access to, but the trustee won’t transfer me the money. I’d like a lawyer to help me understand my rights better, but I called my free local ...
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What are the simplest examples of a long chain of trusts of equitable proprietary interest in property?
I don't understand how "such chains of trusts of the equitable proprietary interest is very significant commercially in respect of trusts of securities and of the rights to such securities. What ...
user41441
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Why would a trustee hold merely a Personal Right, not any Property or Proprietary Right, to value credited to a bank account on trust?
What exactly does "value credited to a bank account on trust" mean?
Why wouldn't a trustee hold a Property/Proprietary Right to the value credited to a bank account on trust?
But then why ...
user41441
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If a trustee must consent to accept a trusteeship, then why can't a contract between testator and trustee be constructed or implied?
I'm asking just about reason 2 below here. I don't understand the emboldened sentence. If "anybody who becomes a trustee must consent to" the trusteeship, how's it impossible to imply or &...
user41441
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Would this person be a valid executor of estate?
If a person leaves in his will a substantial portion of his funds to the administration of a religion, can he still designate a member of that religion to be the executor of the estate?
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