How do I show my former rental property is now my primary residence to reduce taxes at time of sale.

ADDITIONAL INFORMATION:

I understand, if I convert a rental property into a primary residence for two years, I can save a lot on taxes at time of sale. What evidence does IRS require to substantiate this property has been converted to primary residence for a two year period? [Read more…]

Do I have the right to see my mother’s bank statements to reconcile them and make sure there have been no errors or fraud?

ADDITIONAL INFORMATION:

Hi, I have a simple question. Maybe someone can help?…. My 93 year old mother has dementia but is still cognizant part of the time. She has 24 hour care at home. My brother and sister have joint POA. There are seven siblings in our family. Another sister with a drinking problem has been doing the bills and paying the care givers. It was brought to my attention by one honest care giver that she had been mistakenly paid four times for the same week. The care giver was honest enough not to cash the checks. My brother and sister that are the POA’s are very secretive with the money. I want to do an audit of my mother’s check book for the last few years and have asked to see the bank statements. They have hidden the statements. My question is do I have the right to see my mother’s statements to reconcile her checkbook and make sure there have been no errors or fraud? If I do have this right how do I go about getting the bank statements from the POA’S? Thank you for your help, [Read more…]

Can I take the RMDs for an inherited IRA and my regular IRA, both from only the inherited IRA?

ADDITIONAL INFORMATION:

I have two IRAs, a regular one that I funded and an inherited one. An RMD is required for each. Can I take both RMDs from the inherited IRA until it is depleted?

ANSWER BY MARGARET CROSS-BELIVEAU:

No, you can’t take it all from one IRA.  You can lump the traditional IRAs into one column and the inherited IRA in another.  With the traditional IRAs, you may make the withdrawal from one of them if you have several.  If you have inherited more than one IRA from the same person, you may make one withdrawal from those inherited IRAs.

Follow us on Facebook

Follow us on LinkedIn

Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

Beliveau Law Group: Massachusetts | Florida | New Hampshire

The tax attorneys at the Beliveau Law Group provide legal services for taxation. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.

My sister is on Medicaid and she will be getting a small inheritance what she be allowed to keep this money being that she’s on?

ADDITIONAL INFORMATION:

My sister is kind of disabled and on Medicaid & Medicare.  She’s getting an inheritance.  Will she be able to keep the money? thank you for your help

ANSWER BY MARGARET CROSS-BELIVEAU:

As she is on Medicare, I am assuming that she is over 65.  Different rules apply for different ages.  Medicaid is an asset based program.  If she receives an inheritance, she will no longer be eligible for Medicaid if she keeps it.  Her options will be to establish a d(4)(a) trust, which is a self-settled special needs trust with a family member as Trustee, or set up an account with a pooled trust, which is also a special needs trust but run by a charity.  In both scenarios, any money remaining at your sister’s death will be paid over to the state to reimburse it for its expenses paid on your sister’s behalf.    She can’t make any other gifts without incurring a transfer penalty.

Follow us on Facebook

Follow us on LinkedIn

Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

Beliveau Law Group: Massachusetts | Florida | New Hampshire

The elder law attorneys at the Beliveau Law Group provide legal services for estate and asset protection planning. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.

 

Does my brother have a right to sell my mother’s house?

ADDITIONAL INFORMATION:

My mother is in a nursing home. Before that I was her caregiver. I am still her power of attorney. I still live in my childhood home and have started a family of my own. My brother just got out of prison and wants the house. He only lived in the house for one year and never paid even one bill. I used my retirement from a previous job to pay off the house and I’ve paid every bill for almost 10 years. My mother has 4 children in total and everyone else has started a family and lives elsewhere. Does my brother have any rights? Can he force my family out of the house? Can he even try to sell without permission from me and the rest of my siblings? [Read more…]

Can my landlord not renew my month to month lease because of one noise complaint ?

ADDITIONAL INFORMATION:

I received a noise complaint while I was out of town, my sister was watching my dogs and received a couple complaints in one night. The next day I had a notice on my door saying they weren’t going to renew my lease. I’ve never had any problems or complaints about me. I called my landlord and she said it was due to the noise complaints and doesn’t want to talk about it. Is she allowed to do this?

ANSWER BY MARGARET CROSS-BELIVEAU:

A month to month lease can be cancelled by either the landlord or tenant for any reason, excluding discrimination or retaliation, by written notice.

Follow us on Facebook

Follow us on LinkedIn

Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

Beliveau Law Group: Massachusetts | Florida | New Hampshire

The family law attorneys at the Beliveau Law Group provide legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.

Mom passed away ?

ADDITIONAL INFORMATION:

Before my mom passed away she put the deed in my sisters name and told my sister split the house with me my sister took everything what can I do [Read more…]

Do any of you advise against using online template forms to create your own Will, Power of Attorney and Health Care Directive?

ADDITIONAL INFORMATION:

Some of my colleagues have used these forms to create their own Will and Power of Attorney–not sure about Health Care Directive. As long as they are notarized, I assume these documents are considered as legal as those created by an Attorney–or am I mistaken? Are there cautionary tales you wish to share? Is there an online resource for these forms that you recommend? What range of costs should I expect if I complete these forms and have an Attorney review them and advise me of any issues?

ANSWER BY MARGARET CROSS-BELIVEAU:

Online forms are not tailored to individual situations.  It is a gamble for you to rely on them.  It is very important that the Last Will and Testament is drafted and executed properly.  Too many times I have seen wills that don’t do what the testator wanted because of ambiguous language or weren’t executed properly so the will wasn’t in effect.  It ends up costing more in the long run because of the discrepancies which must be fixed on the back end.
[Read more…]

Can a LLC be the trustee of a nominee trust?

ADDITIONAL INFORMATION:

Looking to set up a nominee trust can a llc be the trustee? [Read more…]

Does an executor need to disclose how money is being spent?

ADDITIONAL INFORMATION:

My mother had a stroke, but is very cognitive and alert , she is in rehab. My brother has taken over as executor to pay bills. As one of 8 siblings I have asked several times how the bills are being paid. I have asked for detail info since I knew exactly what was in her accounts. I have been told that I do not need to know, or how the money is being spent. Is this correct? Don’t we have the right to know how bills are being paid , what is in the accounts. I was having my mother sign her own checks which is capable of doing and now I have no idea if that is even happening since he asked for the checkbook. My are my rights as one of 8 children. [Read more…]