estate planning

My father is drafting a will and making me a sole beneficiary, my question is sheltering these assets from my debt and leins

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

Will my ira, 401k and/or annuity which have charitys as beneficiarys protect my 1.4 mill estate from estate tax?

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

How does Power of Attorney work when the person it’s transferred to also transfers their own?

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

Inquiring to see if my brother and I have a case against my sister.

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.

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

My grandmother would like to change her power of attorney. How can she do so?

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

Is it legal for a friend to will his home to me if there are living family members?

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

How do I word a legal guarantee that my sister’s children will be given our mother’s rings when our other sister dies?

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

I Am In Trust With Myself And Wife And A Church I Understand We Can Break The Trust If Both Party Agree What Type Of Attorney Do I Need

ADDITIONAL INFORMATION: The Trust Has 375.00 In It What Would Be A Fair Asking Price I Am 70 and My Wife Is 64? ATTORNEY ANSWER BY MARGARET L. CROSS: Most trusts have a small share article which allows the Trustee to make a final distribution to the beneficiary of a trust if the cost of administration of the trust is disproportionate to the value of the trust. With only $375, it certainly qualifies. Is it even

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