ADDITIONAL INFORMATION: Dad’s estate is 1,400,000 and he died single. A year before his death he gave me $100,000. Do I use 1,400,000 or add the $100,000 for $1,500,000 when completing the MASSACHUSETTS ESTATE TAX RETURN? I am worried about some three year rule I read about> That is, the gift to me of 100,000 occurred within 3 years of his death
ADDITIONAL INFORMATION: I don’t want the responsibility that my mother has written in trust. The trust give me power to evict my brother from her home if he doesn’t do repairs.
ADDITIONAL INFORMATION: Mom put her home in living trust that became irrevocable after she died. Title changed to reflect successor trustees, but still in name of Trust. Can we refinance?
ADDITIONAL INFORMATION: My grandmother bought a house and put it in my name. However, the title is in her name. She is now deceased. Trying to figure out if the house is mine or if it passes on to her (adult) children if no will. ANSWER BY MARGARET CROSS-BELIVEAU: The term title is synonymous with the deed. Do you have an unrecorded deed so that the last one is not on record at the Registry of
ADDITIONAL INFORMATION: My sister had durable poa 6 hours before my moms death. She went to bank withdrew the pod account that my mom wanted me to have. I have original pod account paperwork that I was sole beneficiary and have in writing that in case she died I could go to bank with death certificate and get that account!!
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?
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
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
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.
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
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