I don’t want him to have any control. ANSWER BY MARGARET CROSS-BELIVEAU: You can deed it to her individually, but if he is a controlling person he could easily use pressure for her to put his name on the deed. He could also divorce her and take half. Leaving it in trust for her is the only way to completely safeguard the asset. Follow us on Facebook Follow us on LinkedIn Legal Disclaimer: Please note that
One of my parents wants to make their own separate living trust without the other parent involved at all (no signatures or notarized paperwork required from the other parent). I know usually married couples both create their own separate living trusts together but I had trouble finding out if just 1 person can create their own separate trust and the spouse not have one at all. Thank you. ANSWER BY MARGARET CROSS-BELIVEAU: Yes, it can definitely
I want to say my spouse can inherit an asset from my parents if I am already dead, but if she re-marries the asset has to go to my kids, not the new husband or their kids? What legal terminology can be used for that? To say it another way, my wife and I have kids. When my dad dies there will be an asset willed to me. If I am already dead my wife can
Spouse purchased property during our marriage but my name was not on the deed or mortgage. The only thing I care about is that my son has a place to live if I’m not around, that he inherits half. I think that tenancy by entirety means spouse gets 100%, son 0%? Is that what the deed currently is by default? Does a TIC allow my son to get 50%? Is there some way to make sure
My father has a will. His will states when he passes, my two siblings and I will each get an equal share of his money. He does not mention anything about his grandchildren or what would happen if one of his children passes before he does. If I pass before my dad, when he passes will my share of the inheritance from him pass down to my children (my will states everything goes to my children)
My parents set up an irrevocable trust with my brother and I as Trustees. We have to open a trust bank account and therefore need to apply for and EIN to open the account. Does the application for EIN allow for designation of 2 trustee and both social security numbers? We only need the EIN and account to distribute a small life insurance policy which will be made the trust. The insurance check will be deposited
My deed needs to be updated to reflect my last name due to marriage in my revocable trust. ANSWER BY MARGARET CROSS-BELIVEAU: Your name change does not affect the ownership rights. At the time of the sale or transfer out of your revocable trust, the new deed with state your new name and your former name. Follow us on Facebook Follow us on LinkedIn Legal Disclaimer: Please note that this answer does not constitute legal advice,
Restricted stock and restricted stock units (RSUs) are two alternative forms of employee compensation. They’re a way for a company to incentivize employees with equity in the company. Restricted stock is typically granted as a type of bonus or added compensation, using a vesting schedule. You receive partial ownership of the shares and may be entitled to voting rights and dividends before they vest. Until the stock is vested, however, you can’t sell it. If you
If you have a life insurance policy you no longer need, you may be able to sell it for significantly more than its cash surrender value (CSV). A life settlement is the sale of a life insurance policy to a third party. The sale can provide the policy holder with more than the CSV and even more than the premiums paid over the life of the policy. Life insurance settlement companies buy policies and then continue
If you inherited an IRA after January 1, 2020, you might be in for a surprise. Under proposed rules issued in February 2022, you might have to start withdrawing that money now. The shift comes as a shock for many. When the Secure Act passed in 2019, it required most death beneficiaries to fully withdraw retirement plan assets within a 10-year window. The expected interpretation was that someone could let that money grow for nine years
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