ADDITIONAL INFORMATION: The person who has the will, is the Mother of 4 children. She is also diagnosed with mild dementia. She has decided to give one piece of her property to one dependent, but it was set to be given to another in her will. The 4 dependents are all in favor of this gift. However, there is a piece of property that the dependent who is going to be gifted this property is due
ADDITIONAL INFORMATION: Beneficiaries are on everything. ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: Assets with beneficiary designations typically avoid probate. Occasionally things go awry if a beneficiary predeceases you and alternates are not named. The account could end up going to a person you don’t want, a minor, or the deceased person’s probate estate. Owning property jointly with another is risky because the joint owner has total access to the account. This means that the joint
ADDITIONAL INFORMATION: The inheritance is free and clear and positive in a financial sense. But I have legal medical, and other debts… my question is can they force me to liquidate by leins or the sort and what would be a adaquate Means to shelter these assets from any interests so I can inherit what will be left to me as owner the inheritance is Real property 2, 3 parcels and vehicles and personal effects and
ADDITIONAL INFORMATION: If the answer is no,would it work to give these to charity be for my demise? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: Provided that your charitable deductions after your death bring your estate value below the Massachusetts 1 million dollar threshold, there will be no estate tax due in Massachusetts. A Massachusetts estate tax return will still be required to be filed as your taxable estate started at an amount above a million
ADDITIONAL INFORMATION: My grandmother is in her 80’s and still very active and mentally “with it”. After a recent hospitalization, though, she decided to transfer Power of Attorney to her only child, my father, just to be prudent in case of future situations. Separately, during the past month, my father has been diagnosed with Stage IV cancer that is terminal. He has signed over his OWN Power of Attorney to his wife, my stepmother. Where does
ADDITIONAL INFORMATION: 30 years ago my sister was given $40,000 by our father. He told me and my brother about it and told us he wanted to leave us something for our future. He said my sister would invest it and not be touched until he dies. This past January he passed and now my sister doesn’t seem to want to, or can’t discuss it she says. What can we do? ATTORNEY ANSWER BY MARGARET L.
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
ADDITIONAL INFORMATION: My grandmother currently has a family friend designated as her POA. She would now like me to be her POA. How can we make this change? ATTORNEY ANSWER BY MARGARET L. CROSS: All she has to do is execute a new power of attorney and notify the old agent that the old power of attorney was revoked. This is easily done through an attorney. The attorney will need to meet with your grandmother alone
ADDITIONAL INFORMATION: My close friend has appointed me executor of his will and it includes leaving me his home and all the contents. He has living family members and I’m concern they will contest even though they are receiving other assets. ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU: A person’s Last Will is valid as long he had testamentary capacity, is over 18, and the Will has been witnessed. If your friend is of sound mind, he
ADDITIONAL INFORMATION: There is a very tense relationship between sisters at this point there is only a verbal promise ATTORNEY ANSWER BY MARGARET L. CROSS-BELIVEAU: The inheritance of the rings will governed by your sister’s Last Will and Testament. If she wants her nieces to inherit her rings, it should be written into her Will. Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation
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