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Estates and Income Tax

A person has died and most but not all of the assets of the person have been distributed to the benefices. The estate will have to file an estate income tax return for the current year and the next ...
Bob's user avatar
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1 vote
1 answer
45 views

Calculating Estate Tax with a charity

Consider the following hypothetical situation. A person, called Joe, dies in 2024 with a taxable estate of 20 million dollars. There is no issue of a state estate tax. The terms of his will state that ...
Bob's user avatar
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12 votes
3 answers
6k views

What rights does a dead body have? Can crimes be committed against one?

Say Nate the nutcase happens to find a dead body on the road. Being a nutcase, he takes the dead body, and does a bunch of "weird stuff" stuff to it (e.g. satanic rituals, maybe necrophilia, ...
chausies's user avatar
  • 4,055
3 votes
1 answer
689 views

What does the following mean in my dad's UK will?

Absolute Residuary Gift SUBJECT to the trusts DECLARED above my Executors SHALL HOLD my estate for the trustees of THE [name of trust] FAMILY PROBATE TRUST absolutely
Nick Lloyd's user avatar
-3 votes
1 answer
75 views

What did Lords Browne-Wilkinson + Millett mean by "do not exhaust the (whole) beneficial interest"?

I quote Lord Browne-Wilkinson in Westdeutsche Landesbank Girozentrale v Islington LBC [1996] UKHL 12. (B) Where A transfers property to B on express trusts, but the trusts declared do not exhaust the ...
user1147844's user avatar
2 votes
0 answers
59 views

Is it legal to assign beneficial ownership of a property without transferring the title?

Suppose an individual owns a house for investment purposes, and wants to assign the ownership of the house to a trust. To avoid the need for stamp duty and other complexities, could the owner just ...
quant's user avatar
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1 vote
2 answers
96 views

Why would legitimate "corporate trustees such as banks" act, when "they have not even been asked by the testator whether they will act"?

I am befuddled by Fox LJ in Re Duke of Norfolk’s ST [1982] Ch 61. But very frequently executors and trustees of wills know nothing of the terms of the will until the testator is dead; sometimes in ...
user1147844's user avatar
1 vote
1 answer
38 views

What did Arden LJ mean by "estate", in "legal estate in the shares" of an unlimited corporation?

I am baffled by Arden LJ (as she then was) at para. 59 in Pennington & Anor v Waine & Ors [2002] EWCA Civ 227. So, too, in Re Rose, Rose v IRC the Court of Appeal held that the beneficial ...
user1147844's user avatar
9 votes
1 answer
692 views

Could cryonics "resurrections" be enforced?

Cryonics is the practice of freezing a newly-dead body, for a fee, in hopes that death can be reversed and the terminal disease cured in the future. Whatever the medical improbability, let's imagine ...
Therac's user avatar
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5 votes
1 answer
1k views

Why did the neighbors, rather than the beneficiaries, object to the property destruction in Eyerman v. Mercantile Trust Co.?

We studied this case in my 1L (i.e. first year of law school) property course. I am curious about the background on this case. I would've expected that her executor or beneficiaries would've had an ...
JoshuaD's user avatar
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1 answer
45 views

Do assets custodied by a trustee form part of the Bankruptcy Estate if the trustee enters Chapter 11 Bankruptcy [closed]

I own some securities giving me a beneficial interest in an LLC (let's call it LLC A) which were issued to another LLC (let's call it LLC B) as a custodian and trustee. LLC B has entered Chapter 11 ...
user53910's user avatar
-1 votes
2 answers
162 views

What counts as a good faith effort?

Please consider the following hypothetical situation: The trustee of a trust is reviewing a monthly brokerage of the trust in her home. She lives alone. She leaves the statement in her kitchen. A ...
Bob's user avatar
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1 vote
1 answer
57 views

One trust paying out to another trust at the death of the grantor

Imagine a case where parents set up an irrevocable defective trust for their one adult child with the terms of the trust being that when the parents die the original trust goes away and the money goes ...
Bob's user avatar
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0 votes
3 answers
155 views

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?
Missy Armstrong's user avatar
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0 answers
31 views

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 ...
Bob's user avatar
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1 vote
0 answers
26 views

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 ...
gatorback's user avatar
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1 answer
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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 ...
Bob's user avatar
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-1 votes
1 answer
79 views

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?
TylerDurden's user avatar
1 vote
0 answers
35 views

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, ...
Bob's user avatar
  • 1,203
1 vote
0 answers
247 views

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 ...
Bob's user avatar
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1 vote
1 answer
210 views

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/...
Bob's user avatar
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1 vote
1 answer
61 views

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 ...
Bob's user avatar
  • 1,203
2 votes
1 answer
122 views

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 ...
Bob's user avatar
  • 1,203
2 votes
2 answers
118 views

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?...
Bob's user avatar
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1 vote
3 answers
97 views

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 ...
Bob's user avatar
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0 votes
0 answers
44 views

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 ...
Bob's user avatar
  • 1,203
1 vote
1 answer
106 views

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 ...
Bob's user avatar
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0 votes
0 answers
105 views

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 ...
Bob's user avatar
  • 1,203
1 vote
1 answer
39 views

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 ...
Bob's user avatar
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0 votes
0 answers
32 views

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,...
Bob's user avatar
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3 votes
1 answer
720 views

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 ...
Bob's user avatar
  • 1,203
2 votes
1 answer
308 views

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. ...
Bob's user avatar
  • 1,203
-2 votes
1 answer
136 views

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 "...
user avatar
1 vote
0 answers
67 views

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 ...
user127776's user avatar
2 votes
1 answer
90 views

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 ...
Bob's user avatar
  • 1,203
1 vote
1 answer
526 views

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 ...
LuminousNutria's user avatar
2 votes
2 answers
777 views

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 ...
WV Cynthia's user avatar
-1 votes
1 answer
54 views

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 ...
Noel's user avatar
  • 107
0 votes
3 answers
112 views

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 ...
DB428's user avatar
  • 1
3 votes
2 answers
449 views

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 ...
hotmeatballsoup's user avatar
0 votes
2 answers
84 views

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 ...
James Walker's user avatar
3 votes
0 answers
121 views

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
Haley Decarli's user avatar
1 vote
2 answers
89 views

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 ...
Bob's user avatar
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23 votes
9 answers
7k views

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 ...
ConfusedExecutor's user avatar
3 votes
1 answer
180 views

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 ...
Steve's user avatar
  • 131
2 votes
1 answer
234 views

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 ...
Zach's user avatar
  • 21
-2 votes
2 answers
142 views

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 ...
Alexis's user avatar
  • 17
2 votes
0 answers
285 views

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 ...
user avatar
11 votes
2 answers
4k views

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 ...
J. Win.'s user avatar
  • 339
1 vote
1 answer
100 views

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 ...
Bob's user avatar
  • 1,203