Questions & Answers

How do I legally report income for tax purposes on an investment that is held in the name of a friend?

ADDITIONAL INFORMATION: If I give my friend money towards an investment in their name (equal to 50% of the total investment of one share of a restaurant), how can we each report this on our individual taxes? ATTORNEY ANSWER BY MARGARET L. CROSS: The income generated will be reported on the owner’s tax return. You will not own any shares. What you are doing is making a loan to a friend who in turn makes an

My father in law is in a 3 year court battle, he lives in a rv and recently had a stroke can we bring him to our state for care

ADDITIONAL INFORMATION: His friend died a few years ago leaving everything to Dan (father in law) after the death unknown nephews came out looking for money and took Dan to court. His case has been continued for years now he was set to go to trial on Monday but had a systematic stroke he can’t use his left side and the Dr said he has a disk puting pressured on nerves in neck. He also is

What do I do if my ex filed our daughter on his taxes, which violates the court order?

ADDITIONAL INFORMATION: I have sole legal and primary physical custody of my daughter, her dad lives in another state. Our court order says I have the exclusive rights to file her as a dependent on my taxes, and file for her dividend every year. He knew about the court order and still claimed her on his taxes and filed for her PFD. How do I enforce the court order? ATTORNEY ANSWER BY MARGARET L. CROSS: You

Nursing Home Fraud.

ADDITIONAL INFORMATION: The Nursing Home that my Deceased Dad was in after having a sudden stroke is trying to get a judgement against me stating that I was his POA & I should not have accepted yrly checks from him for my two children & myself. I did not sign any papers stating that I would be responsible. Their claims are that even though my dad was in good health taking care of his own home

Will I have to pay income tax on my Mothers house that was in a revocable trust?

ADDITIONAL INFORMATION: I am sole heir in my Mothers revocable trust. She died in 2016, I sold her house in 2016. Will I have taxes to pay? ATTORNEY ANSWER BY MARGARET L. CROSS: Upon your mother’s death, the home receives a step up in basis to fair market value. By placing and selling the home on the market soon after your mother’s death, the basis will be presumed to be the selling price. You should consult

Can we protect my mother’s assets from Medicaid by having a family members live in her house and act as caretaker?

ADDITIONAL INFORMATION: I heard from a neighbor but can’t confirm that Medicaid’s five year “look back” for assets that can be applied to nursing home expenses is cut back to two years if a family member lives in the house and acts as caretaker. If so, do they have to be living there for two years before the reduced look back takes effect? Or does it take effect right away? Thanks! ATTORNEY ANSWER BY MARGARET L.

How do i sell mothers home,without power of attorney?

ADDITIONAL INFORMATION: Mother is in nursing home, money is running out soon. I am her daughter, but I don’t have durable power of attorney.What do I need to do,legally to sell her home, so that I can continue to pay her nursing home bill/utilities/property taxes/and medications? ATTORNEY ANSWER BY MARGARET L. CROSS: Under Medicaid, her home is a non-countable assets. Instead of trying to sell the house, you should consult with an elder law attorney about

Can you charge a fee if you are the administrator or executor in an informal probate?

ADDITIONAL INFORMATION: What would that fee be? ATTORNEY ANSWER BY MARGARET L. CROSS: As Personal Representative, you may charge reasonable fees to the estate. You may charge differently for different tasks. For example, cleaning out the basement would be charged out at a lesser amount than the preparation of the tax return for the estate or the decedent. You will need to keep records on how long you spent on each task. Your fee will be

How do open a checking account if the Insurance Policy checks are made out to the Estate of?

ADDITIONAL INFORMATION: My Fiancé passed away over a year ago. I was Power of Attorney and 100 percent beneficiary of his Trust. He got too sick to transfer everything under the trust. Now I have a pour over will naming me Personal Representative. Giving me full power with no bond. The banks will not accept the will. They are telling me they need a letter stating I have legal rights to the money. I don’t know

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