Questions & Answers

My mother died so I was appointed the PR over the estate when I did the deed of distribution I did it in all Four heirs name

ADDITIONAL INFORMATION: My brother has been told he has cancer so it was to my understanding that the estate would be left to the other three to keep things straight ; then after his sickness 2 heirs had words leaving their share to the youngest of their gran children is this possible ? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: As personal representative, it is your responsibility to distribute the estate assets according to the terms

Is my tax preparer liable for understating my income ?

ADDITIONAL INFORMATION: My tax preparer did not include my wife’s Social Security income on my 2015 Federal and State taxes. Now I received a bill from the IRS, plus interest charges. ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: You are still responsible for the tax whether or not he failed to input the data into the return. As a taxpayer, it is your responsibility to review the return before you sign and submit it to the

Tax consequences of foreclosure and capital gains.

ADDITIONAL INFORMATION: My mom passed away in September 2014. Her mortgage co filed foreclosure a month later. $74,000 was owed on the original debt, but unpaid taxes and fees made it closer to $104,000. Property sold for a profit in June 2016 and her estate received a check for $10,000. Mortgage co reported original debt of $74,000 and sale price of $114,00, meaning it looks as though her estate earned $40,000 instead of the $10,000 received.

How do I decline my inheritance?

ADDITIONAL INFORMATION: I do not want to accept any inheritance that my parents may leave me. Can I just write a letter and have it notarized or is there some type of legal form/letter that I need to fill out? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: To decline a gift or inheritance, you need to execute a disclaimer. In order for the disclaimer not to have any effect on you for estate or gift tax

Can my sister force my disabled sister out of the family home?

ADDITIONAL INFORMATION: My sister is disabled and living in our mother’s home. My mother now resides in a memory ward of a senior living facility. My other sister wants to kick my disabled sister out, but she’s on disability and can’t afford housing. She claims that they need to sell the house in order to pay the $5000/mo facility cost. Please advise ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: Assisted living bills need to be paid

Procedure for transferring property, which is already designated to be gifted to someone in a will?

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

North Carolina trustee for Massachusetts trust

ADDITIONAL INFORMATION: A non grantor complex Massachusetts trust has a North Carolina trustee and one beneficiary in Massachusetts. There is no Massachusetts sourced income to the trust such as real estate rental income, only income and gains is from stock and bond portfolio. Should the trustee file a Massachusetts or NC trust tax return along with the federal return? The trust language allows the trustee discretion to allocate income and capital gains back to the corpus

What Happen if my Trustee could not perform the duties due to illness, and what happen if she die.

ADDITIONAL INFORMATION: My husband past away on last end of year. he pointed 2 persons for successor trustees. one of them already past away 7 years ago. and the estate attorney filed pleadings to appoint other one to be my trustee. Now, I have a question, my trustee has serious health condition ( heart disease) and she could not perform any duties. (basically I have to do everything for her) so I would like to know

Does a beneficiary of an IRA payable upon death amount satisfies an amount designated to be left from an estate in a will?

ADDITIONAL INFORMATION: In Massachusetts, My dad left his IRA payable upon death to my brother and myself 50/50. His will states $50,000 for each of us. His IRA is not in the will. His cousin gets what’s left over from estate. Does the fact he left us money in his IRA satisfies the will’s listed amount or is that from the sale of his house? The financial advisor says the IRA is a contract and has

Am I still obligated to pay?

ADDITIONAL INFORMATION: My mother has had 2 strokes within the past year. The 2nd stroke was severe enough that my mother needed to be placed in a long term/nursing facility. According to the admissions person at the nursing facility, my mother’s 100 days of Medicare ended 9/15/16. Mom was Medicaid eligible as of 7/1/16. The nursing facility sent a bill for the resident responsibility for the entire month of September. Since Medicare coverage was until 9/15/16

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