Trusts
How can I correct an error in my trustee affidavit?
I am listed as First Successor Trustee in an 'Affidavit of Change of Trustee' to my family's revocable trust, my elderly father having resigned as trustee and given my two brothers joint trusteeship. QUESTION: My name is listed incorrectly in the document. What do I need to do to have this error amended? Thank you! (PS: I live in TX; the trust and the remainder of my family are in Contra Costa County, CA) This affidavit was executed without my knowledge. I became privy to it by accessing the Contra Costa County public records online and ordering a copy. Thank you.
Do I owe my brother rent for the inherited San Francisco home?
my borther and I are co-trustees of 2 inherited houses: a family home in san francisco, ca and a summer home. I continue to live in the family home after my father died in 2008. I offered to purchase the san francisco home by paying him 50% of the difference in appraised value of the san francisco and country home. He refused my purchase offer and demanded that I pay him rent from my father's day of death UNTIL the settlement of the trust. He also refused to share the cost of maintenance of the san francisco property and demanded that I pay 50% fair market rent value. I refused to pay rent because he does not want to share in the mainternance. I offered to pay him the amount he wanted provided we put the country home for sale since he was not clear on his stand on whether to take title of the country home or not. He refused to put the country home on the market for sale because I have not paid him back rent. The san francisco property is in need of repair but we could not start repair because I am not the sole owner of the property. However, I paid the property taxes and insurance. If the house is to be put on the market for rent we need to address the repairs. In the meantime, the value of the properties went down because of the economic downturn. Another reason for not paying rent is that our computation shows the amount he is charging for rent is close to the monthly amortization I would be paying the bank if i buy him out. As of today, after 3 years of my father's death, the appraised value of the 2 properties is the same but lately the value of the country home is dropping. The question is: do I owe my brother rent even if he refused to share in the maintenance and hindered in the sale of the country home? Do I owe him rent even if there is no rental agreement and his demand that I pay him ren until the trust is settled and he tried to control the settlement of the trust?
Did I receive cash if it went into a trust account?
if cash money is paid into escrow from a settlement , instructions being to wire the money at my direction, and I direct the cash into an irrevocable trust account,, did I 'receive cash' ? This is not a tax issue..It has to do with a benefit i receive from an agency that defines income as cash only. Did I actually receive the cash though it was continuously in the escrow account till it was wired to the irrevocable trust at my direction?
Can we deed our properties to our children while retaining life use?
My wife and I, each married before, would like to combine our estates in a trust for our respective children with 2/3 going to my children and 1/3 to hers. If we do this, can we deed our home and two rental properties to our children, retaining life use, to avoid inheritance taxes or including them in resources to be considered if the cost of end of life care exceeds our cash assets? As it stands, currently, upon either of our deaths, my two pensions will continue to the surviving spouse but reduced to 75%. My health care benefits would continue unabated. We assume a trust could be established where a neutral party such as a bank would be the trust manager at the time of the first person's death to preserve the estate for the children but one of each of our respective children could be named as the family co-trustees to distribute the estate after the death of the second spouse. Is this correct?
Should we deposit property sale proceeds into a Miller trust or checking account?
We have a Millers trust account for my father and he has now passed away. We have settlement on his property coming up and am not sure if we should deposit the monies from the sale of the property into the Miller trust or his regular checking account. What do you advise?