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Date: November 19, 2009
Host: Sharon M, Siegel View Transcript | Archive Index For All Legal Chats Whether you're trying to figure out if you need a "power of attorney," or have suddenly found yourself the executor of your uncle's estate, it's hard to keep up with the legal jargon of managing your assets and processing a will. Bring your questions to a live chat with estate planning and probate lawyer Sharon M. Siegel, starting at 10 p.m. Eastern (9 Central, 7 Pacific) on November 19th.
SHARON SIEGEL, a New York lawyer, practices in the fields of estate planning and administration,
contested estate and trust proceedings, elder law and guardianships. She also has significant experience in real estate and corporate law. Sharon graduated from Benjamin N. Cardozo School of Law of Yeshiva University. Sharon says of having handling large and small estates and having planned for and worked with individuals of substantial and modest means, "Representing such a wide spectrum of individuals has trained me to look at situations from almost every angle - legally, tax wise, and practically." Sharon says that because her practice area touches on the most emotional and private facets of someone's life, she considers developing a relationship with her clients central to her practice. Sharon is admitted to practice in New York State.
http://www.lawyers.com/siegelandsiegel Live Chat Transcript Tamy: "Hi. A friend of mine has a trust fund that I beleive is a special funds trust becuase the bank wants him to collect ssi and said that it will not affect him getting medicar at 62 in two years. My question is how would he get the trust officer changed on his trust. It is with wells fargo and the trust officer wants to place him in a group home instead of getting him an apartment. They paid for a house before but his roomates took advatage of him and it was a fiasco. He has been staying in a motel for a year and wants a stable enviroment but the trust officer wont pay a apartment but they will pay the motel $1550 monthly. So the apartment would be the same amount. The man has to sleep on the street once a month beccuase you have to move out of a motel due to law.and then move back in. If he can not get the trust officer changed what can he do to get the money paid to an apartment and to get the scurity deposit? Or could and should he fight the trust completly or buy it out with a JGWentworth type situation?"
Casandra King: "I have a sister who has undue influence on my mother who has been diagnosed with Alzheimers but not declared incompetent. She tells our mother that we want her locked up and that we only want to steal her money...and tells the neighbors and other people in the area who have called me to tell me. When I go to visit, my sister tells my mom not to see and that she is not safe with me and calls one of my mom's friends to come over and check on my mom while she is with me. My brother and I are pretty sure that she has also had our mother redo her trust to take us off as beneficiaries. She also had our mother appoint only her as trustee and we were also taken off as POA's. Our sister says we can have nothing to do with her health care or finances and cannot contact any professionals on her behalf. Our mother claims she isn't aware of anything our sister has done... what can we do that doesn't involved spending tons of money with an attorney? We would like to get all three of us back on as trustees and obviously try to find out if we have been booted off as beneficiaries. Or we would like to have a third party manage our mother's trust so there is less conflict. Again, how can we do this without spending tons of money? Would you recommend trying mediation with our sister first so we can show the court that she was unwilling to mediate (we have tried before and she was unwilling to respond to our requests). Thanks! Cassandra"
Hawayo: "In Vt. is it required that a beneficiary sign an executor's release form before receiving distribution? If the beneficiary refuses to sign how does she go about getting payment? If there is more than one beneficiary, and one signs the release while another refuses, does the one who signs receive their distribution or must all beneficiaries receive payment at the same time? Thank you for your help!"
Cheyenne: "Trust Question: Do Co-Trustees duties ever expire? This is an OR question regarding a life estate. Brother has a life estate in his residence on Trust property. Wants to live in father's residence on the property. He moved into that residence without agreement. Mingled his property with un-inventoried life estate. I want him to move to his "life estate" until we can agree to modify to strengthen our hand. Co-trustees have used an article meant for other beneficiaries to allow "vacation or other living arrangements" rent free to let him stay in father's residence. I feel it gives him little incentive to modify his life estate if he has 2 homes to choose from. Does the Trust end at time of transfer of property to remaindermen and bills including taxes are paid? Any suggestions? I feel he will deal more fairly if he has to move to his home. He wants to live in Dad's, and I don't mind as long as he gives value in return. I want to pick my battles. But I want things fair. Right now, all, except brother, lose. When does the Trust end, or does it? Right now, only 1 can disagree and all things regarding disposition will stop. I don't want to go that far, but, with that said, any quick insights? Don't want to pick any fights right now. The Trust knows of my objection to his moving to my father's place as of 9/11/09. They chose to enforce the article for non-life estate beneficiaries."
Hawayo: "hi cheyenne"
Cheyenne: "Hi Hawayo"
Hawayo: "is your name cheyenne because you're native american?"
Cheyenne: "No. Only because my other dog's name was already in use"
Hawayo: "lol..."
Hawayo: "well I'm not Hawaiian either"
Cheyenne: "Okay, but I do know Hawaiia"
Hawayo: "you know Hawaii?"
Hawayo: "hi Ekun, I think we're waiting for the atty."
Cheyenne: "I have a friend on the big Island that is trying to start a "cheeserie""
Hawayo: "I sooo hope the lawyer comes in"
Cheyenne: "Professionals don't miss"
Hawayo: "yep"
Hawayo: "I teach Reiki. Hawayo is the first name of one of the founders of Reiki"
Cheyenne: "Nervous..."
Hawayo: "you are?"
Cheyenne: "2 months in - hard to battle with loved ones"
Hawayo: "I know what you're going through. Me too."
Cheyenne: "Thanks"
Hawayo: "that's why I'm here"
Sharon M. Siegel: "hi"
Sharon M. Siegel: "Hawayo, please post your question."
Cheyenne: "Great to have you here"
Sharon M. Siegel: "Cheyenne and the ekun. Do not post until I call on you."
Hawayo: "I pre-submitted it..."
Sharon M. Siegel: "Thanks."
Hawayo: "but generally I'm here to ask if the executor of my dad's estate (my brother) can require me to sign a release"
Hawayo: "in order to receive my share of the inheritance"
Sharon M. Siegel: "I'm going to get it."
Hawayo: "ty"
Sharon M. Siegel: "Hawayo: "In Vt. is it required that a beneficiary sign an executor's release form before receiving distribution? If the beneficiary refuses to sign how does she go about getting payment? If there is more than one beneficiary, and one signs the release while another refuses, does the one who signs receive their distribution or must all beneficiaries receive payment at the same time? Thank you for your help!""
Sharon M. Siegel: "I am a NY lawyer. However, I assume that this is general. A beneficiary is asked to sign a receipt and release before getting their bequest."
Sharon M. Siegel: "If he or shhe refuses to sign it, it is up to the executor as to whether or not he/she wants tpo give the bequest without it."
Hawayo: "he's asking to be released from any mistakes he might have made, and to release his estate also, and to release our right to ask questions after signing"
Sharon M. Siegel: "I do not believe that it is the law in any state that a beneficiary signs the release, but it is customery that all objections are worked out prior to distribution."
Hawayo: "I read somewhere that after 7 months an executor is automatically released by the courts (non-probate?). In that case I wouldn't have to sign?"
Sharon M. Siegel: "The release from any mistakes is a final release. There is also an intermediate relese which deals just up until the bequest."
Hawayo: "this is a final."
Sharon M. Siegel: "As I said I am not a VT lawyer. However, I believe that the court would be releasing the executor from any claims of creditprs after 7 mos."
Hawayo: "If one beneficiary refuses to sign, and other one does sign, can the one that signs receive their disbursement prior to the others receiving theirs?"
Sharon M. Siegel: "If this is a final, it is your last chance to object. Do you have objections?"
Hawayo: "I have questions, and I get silence."
Sharon M. Siegel: "In the case where one beneficiary signs and the other does not, it is up to the executor as to whether to make the distribution."
Sharon M. Siegel: "If you have questions, perhaps you need to request an accounting."
Hawayo: "we received a one page very brief, one liners, without backup"
Sharon M. Siegel: "An accounting by the executor should answer all of your questions."
Sharon M. Siegel: "This is likely an informal accounting - as opposed to a judicial one. But I remind you again that I am not a VT lawyer."
Hawayo: "when I asked questions my brother became very angry, now silence. I asked, for instance, for the closing costs sheet from sale of house"
Hawayo: "if it's non-probate, would there be a judicial one?"
ekun: "I am purchasing a property and my lender would not entertain a flip investor as the seller on the sale and purchase contract.For me to proceed the investor agree to let the purchase proceed with the owner but request a competion outside after closing but my loan agreement specifically include an undertaken not to pay fees to any broker or agent in relation to the purchase. The closing has concluded but the investor is still asking for compensation otherwise he has threatened to stop the process from closing the deal .So the property can again be re-listed . Is this legal ?and can the investor stop the purchase if I refuse to compesate"
Sharon M. Siegel: "These are accounting issues. In NY, you could compel an accounting - as of right. I do not know about VT. I suggest that you consult a local lawyer. But I am practical. If the lawyery's fees will be more than any discrepency you may or not find, you have to think whether it is worth it to you."
Hawayo: "(I want to give the others a chance to talk with you..)"
Sharon M. Siegel: "Thank you."
Sharon M. Siegel: "Cheyenne, please go ahead."
Cheyenne: "I have pre-subjmitted, in short"
Sharon M. Siegel: "ekun, you will be next. I will get to you, don't worry."
Sharon M. Siegel: "Let me get the question."
Sharon M. Siegel: "Cheyenne: "Trust Question: Do Co-Trustees duties ever expire? This is an OR question regarding a life estate. Brother has a life estate in his residence on Trust property. Wants to live in father's residence on the property. He moved into that residence without agreement. Mingled his property with un-inventoried life estate. I want him to move to his "life estate" until we can agree to modify to strengthen our hand. Co-trustees have used an article meant for other beneficiaries to allow "vacation or other living arrangements" rent free to let him stay in father's residence. I feel it gives him little incentive to modify his life estate if he has 2 homes to choose from. Does the Trust end at time of transfer of property to remaindermen and bills including taxes are paid? Any suggestions? I feel he will deal more fairly if he has to move to his home. He wants to live in Dad's, and I don't mind as long as he gives value in return. I want to pick my battles. But I want things fair. Right now, all, except brother, lose. When does the Trust end, or does it? Right now, only 1 can disagree and all things regarding disposition will stop. I don't want to go that far, but, with that said, any quick insights? Don't want to pick any fights right now. The Trust knows of my objection to his moving to my father's place as of 9/11/09. They chose to enforce the article for non-life estate beneficiaries.""
Cheyenne: "Can I clarify anything?"
Sharon M. Siegel: "Let me clarify a few things. What is the title of your father's house on the deed? What is the title of the propoerty with the life estate?"
Sharon M. Siegel: "Who are the trust beneficiaries?"
Cheyenne: "The title will go, equally into 5 beneficiaries/remaindermen. My father owned the entire property. My brother owned only the structure in which he lived when my father died. My father gave him a life estate for that structure, only."
Cheyenne: "There are 5 benefiaries. 4 sisters, 1 brother."
Sharon M. Siegel: "But what is the current title? Is your father's house in the name of the trist or not?"
Cheyenne: "The title is in the name of the Trust"
Sharon M. Siegel: "ok"
Sharon M. Siegel: "How about the title of the propoerty where he has the life estate?"
Cheyenne: "There is no separate property division. He only has a life estate for the "structure in which he resided when ..." my father died. The property was always in my father's name and in, at the creation of the trust, in the Trust's name."
Sharon M. Siegel: "As I understand there are two propoerties?"
Sharon M. Siegel: "or just one?"
Cheyenne: "No, there is only 1 property, an interstate highway intersects it. My brother had his mobile on one side, Dad his home on another."
Sharon M. Siegel: "ok got it."
Sharon M. Siegel: "Title of dad's home: trust. correct?"
Cheyenne: "Correct"
Sharon M. Siegel: "got it."
Sharon M. Siegel: "Being as I have not seen the trust document or the life estate document/deed, I do not the specific terms of them. However, I do agree with you that it is waste to the trust to allow your brother to live in the property rent free if he has a life estate. If he gives up his life estate, then the trustees would have a strong argument."
Cheyenne: "Thanks. I got that. I'm not sure when to counteract this deal he has with the co-trustee. Does the Trust expire and the trustees lose their ability to "choose" where my brother lives and that he has 2 separate domiciles?"
Sharon M. Siegel: "As to the rent free aspect, the term os trust govern. It also may be in the trustees discrtetion. But, I would be hard pressed to think that a court is going to allow him to have two residences. Most likely, he will have to give up his lefe estate."
Cheyenne: "If he does that, he is giving up essentially nothing. Do you mean he actually gives up his right to occupy a portion of the property for his life?"
Sharon M. Siegel: "This depends on the term of trust. Some trusts expire at a certain date, some over time, there is no one answer."
Sharon M. Siegel: "Are you one of the remainder beneficiaries?"
Cheyenne: "Yes.\"
Sharon M. Siegel: "If so, you have a right to see the trust."
Sharon M. Siegel: "Have you?"
Cheyenne: "I Have seen the Trust and only on the 3rd meeting with the Trust attorney was I excluded, probably because I voiced my concern with my brother mingling his assets with those of an un-inventoried estate."
Sharon M. Siegel: "If you have, I would take it to a local lawyer and have him/her review the terms. It will be very clear. Also, I think you may need to be more pro-active and compel a trust inventory."
Sharon M. Siegel: "I know you said you don't want to fight, and I respect that, but I also worry that assets will be dissipated by the time you decide to pursue it."
Sharon M. Siegel: "I find it hard to believe that you are the only beneficairy concerned with his/her beneficial interest."
Sharon M. Siegel: "I would consul a local lawyer."
Cheyenne: "I have tried. I assume I can't alienate anyone more than I have for asking that the "life estate" provision be enforced if only to put the rest of the beneficiaries in a better position in a bargaining for a modification of that life estate. I do worry that the assets will be dissapated. My father and mother workedvery hard to have something for us. I will consult a lawyer"
Sharon M. Siegel: "Good luck. Do not move slowly."
Cheyenne: "The rest of the beneficiaries feel my brother is a bully and they want to fight him but look to me to be the "bad guy." A role I have no problem assuming. But, in a perfect world, they would work with me."
Sharon M. Siegel: "understood. Good luck."
Sharon M. Siegel: "ekun, you are up."
ekun: "I have submitted"
Sharon M. Siegel: "ok, give me a minute to find."
Sharon M. Siegel: "is it a 1031 exchange?"
ekun: "This is concerning a purchase on property Short sale"
Sharon M. Siegel: "I can not answer a question about a specific transaction on an internet chat. However, this is not the typical way a short sale is structured."
Sharon M. Siegel: "I have some issues with whether this structure is in good faith."
ekun: "My all party including my lender and seller's bank have agreed and submitted closing package to title company"
ekun: "The request foe compesation is not in HUD-1 and good faith."
Sharon M. Siegel: "This would depend on the terms of the contract and related documents which I have not seen. The fact that the banks have submitted to title co. is not actually relevant toyour issue. You need to go to a lawyer with all your documents and have him/her review them."
Sharon M. Siegel: "Good luck."
Sharon M. Siegel: "We have come to the end of the hpur. Thanks to all for participating. Happy holiday next week - no chat."
ekun: "The contract does not mention any compensation to an investor. My lender insited that this be taking out. The contract has the real owners in the totle"
Hawayo: "hi cheyenne"
Cheyenne: "Hawayo - you logged out?"
Hawayo: "no, still here, you?"
Hawayo: "Cheyenne, if you come back, please make note of my email and drop a note? I'd like to know how you're doing. I'm sorry you have probs with brother...it's always a challenge to do the right thing while trying to be fair and kind too.."
Hawayo: "dovenstar_reiki@yahoo.com"
Hawayo: "g'night..."
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