What steps can we take in order protect Mom's assets or prevent over taxing upon her death? 26 Answers as of February 04, 2013

She has a will and a trust. She is 92 in nursing home. Daughter is power of attorney.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
DOUGLAS A. TULL, P.C.
DOUGLAS A. TULL, P.C. | Douglas A. Tull
Not enough facts - you need to consult with an attorney (preferably an elder law attorney) to get the right direction.
Answer Applies to: Michigan
Replied: 2/4/2013
Frederick & Frederick PLC | James P Frederick
Depending on circumstances, there may not be much. Your mother may not be able to do anything and the daughter, who could potentially act, is governed by fiduciary standards. Your best bet is to sit down with an estate planning attorney and review all of your facts and objectives. The attorney can recommend the best option.
Answer Applies to: Michigan
Replied: 1/30/2013
Law Office of Pamela Braynon | Pamela Y. Braynon
Are the assets amounting to over $1 million (for Florida) and $2.5 million (for Federal)? Those are the thresholds for estate taxes to kick in. If so you should probably see a tax attorney to determine what can be done.
Answer Applies to: Florida
Replied: 1/30/2013
Law Offices of Gerald A. Bagazinski
Law Offices of Gerald A. Bagazinski | Gerald A. Bagazinski
Consult with an elder law attorney. We can assist you with medicaid planning and estate planning. If you have any questions, please contact me.
Answer Applies to: Michigan
Replied: 1/30/2013
Law Offices of Hal Wright
Law Offices of Hal Wright | Hal Wright
There is no estate tax in California and, unless the estate is worth more than $5 million, there will be no federal estate tax. It is a good idea, however, to consult and experiences estate planning attorney to make sure your Mom's estate passes according to her wishes and with as little court supervision as possible.
Answer Applies to: California
Replied: 1/30/2013
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    There should be no tax owing federal if less than $5million, but could be some state income tax if the assets in the trust generated income. Obtain yourself a trust administration lawyer when your grandmother deceases, to advise the trustee on the administration of the trust. The power of attorney dies when grandmother dies. If she is receiving medical, then medical/medicare may have a lien upon the assets.
    Answer Applies to: California
    Replied: 1/29/2013
    Hamblin Law Office | Sally Hamblin
    That question is very involved. It is suggested you talk in person to an attorney. Wills and trusts and taxes are complex issues.
    Answer Applies to: Michigan
    Replied: 1/29/2013
    Irsfeld, Irsfeld & Younger LLP | Norman H. Green
    No estate tax on death unless Mom's net worth is considerably over $5 million.
    Answer Applies to: California
    Replied: 1/29/2013
    Law Offices of Terrell Monks
    Law Offices of Terrell Monks | Terrell Monks
    If mom has less than $5,000,000 to pass to her heirs, there will be no Federal Estate taxes due.
    Answer Applies to: Oklahoma
    Replied: 1/29/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    This is an exceptionally difficult and complex question. You should meet with an elder law attorney in your area. It is easy to do more harm than good. Please consult with a qualified attorney before taking any actions.
    Answer Applies to: Nevada
    Replied: 1/29/2013
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    There is no estate tax in Idaho and the estate exemption for Federal taxes is $5,000,000. If your grandmother has more than that, you need to talk with attorneys and accountants that specialize in large estates.
    Answer Applies to: Idaho
    Replied: 1/29/2013
    Danville Law Group | Scott Jordan
    Without knowing more, you should have your mother's estate documents reviewed by an estate planning attorney.
    Answer Applies to: California
    Replied: 1/29/2013
    James Law Group
    James Law Group | Christine James
    Probably not a lot if she is 92, in a nursing home and has a POA. If she has capacity she may be able to do some sort of irrevocable instrument but it is doubtful. The good news is the estate tax exception is still 5.25M per person. Unless she is worth more than that, it is unlikely there will be tax liability.
    Answer Applies to: California
    Replied: 1/29/2013
    Edward L. Armstrong, P.C. | Edward L. Armstrong
    Congress recently made permanent the exemptions to offset the estate tax, the gift tax and the generation skipping transfer taxes. If your mothers assets total less than $5 Million there won't be any federal estate tax. You might want to make sure that all of her assets are in her living trust or make sure that assets are held jointly with her children or are in a form that will "transfer on death" or "pay on death." This will reduce or eliminate the expenses associated with probate administration.
    Answer Applies to: Missouri
    Replied: 1/29/2013
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    You can engage, for your mother, and estate and trust attorney to review the present documents. If she is still competent it is possible for her to change her will or trust, both to change in the distribution of her assets or to avoid adverse tax consequences. If she is not mentally competent, it is doubtful that there is anything that can be done at this point. You should see an attorney, provide the facts, and understand your and her situation.
    Answer Applies to: Michigan
    Replied: 1/29/2013
    Norman Reitz | Norman Reitz
    The trust can be made irrevocable.
    Answer Applies to: California
    Replied: 1/29/2013
    Durham Jones & Pinegar | Erven Nelson
    You need to have the will and trust reviewed carefully in light of her assets and liabilities. More estate planning may be necessary.
    Answer Applies to: Nevada
    Replied: 1/29/2013
    Paul Waldron, P.C.
    Paul Waldron, P.C. | Paul Waldron
    Thank you for sharing your question. I can only comment on your case as far as the information you have provided and according to Utah law; as such, what I share here is cannot be used as legal advice for your particular situation but only legal information strictly limited to the facts you have shared. If your mom's trust is fully funded with her assets, and her assets are under $1 million, it is unlikely there will be any tax upon her estate. However, you have not provided whether or not she is receiving assistance from Medicaid, which may have a claim upon her trust assets depending on how long the trust has been in place. I recommend that you consult with a qualified estate planning attorney.
    Answer Applies to: Utah
    Replied: 1/29/2013
    Martin Barnes - Attorney at Law
    Martin Barnes - Attorney at Law | Martin Barnes
    That is a good question. I am sorry to say that there are just too few facts available in your question to provide an answer. I encourage you to meet with an Indiana Attorney to discuss the matter thoroughly.
    Answer Applies to: Indiana
    Replied: 1/29/2013
    The Wideman Law Center, P.C. | Susan Wideman Schaible
    If your concern is estate taxes, they do not apply until an estate exceeds 5.25 million dollars. If you are talking about protection from Nursing home expenses, this is a complex subject for which you need to see an elder law attorney for specific advice.
    Answer Applies to: Michigan
    Replied: 1/29/2013
    Kokish & Goldmanis, P.C.
    Kokish & Goldmanis, P.C. | Bernard H. Greenberg
    Unless her assets exceed $5,240,000 there will be no federal estate taxes. If you are referring to medicaid issues you should immediately consult with an attorney specializing in elder law and medicaid issues.
    Answer Applies to: Colorado
    Replied: 1/29/2013
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    It appears that she has the correct documents. These documents need to be reviewed every 3 years or so to make sure that they will protect her as she wants to be protected in today's society. Your financial plan is not complete until it is co-ordinated with your estate plan. Will your family be provided for when you are gone? Without a Will, the court will decide.
    Answer Applies to: Georgia
    Replied: 1/29/2013
    Huddleston Law Group, LPA | C L Huddleston
    If mom has less than $5.25 million in assets, there is no estate tax. There may be income tax on deferred annuities, IRAs, etc. If she is on Medicaid, the state of Ohio will seek recovery from her estate of amounts paid on her behalf, except in certain special situations. If that is the case, you should seek counsel from a Medicaid Planning specialist attorney. If she is 94 and has assets exceeding $5 million, you are long past when you should have been meeting with a Certified Specialist in estate planning. There are things that can be done in such cases, but every minute you wait is a problem.
    Answer Applies to: Ohio
    Replied: 1/29/2013
Click to View More Answers:
12 3 4 5 Free Legal QuestionsConnect with a local attorney