What are the Responsibilities as a Trustee of a Trust?
Video Summary
What are the responsibilities of a trustee of a Trust? Well, first off, we need to talk about the usual circumstance. Whenever you set up a trust and you’re the trustee during your lifetime, and so you are talking about the duties and responsibilities of the trustee after you pass away, and then the successor trustee takes over and it is now a irrevocable trust, and so the trustee should then notify the beneficiaries that there are beneficiary under the trust. Many times this can be done by simply supplying them with a copy of the trust, although you don’t necessarily have to unless they request that you need to. The trustee would need to file what they call a notice of trust with the clerk of the court, obtain a federal identification number as trustee of the trust so that it can file a tax return for the Trust for any income it receives during their, while they’re administering it, they need to determine what creditors there are out there and see about getting the creditors paid.
Another function the trustee needs to do is to verify if there are any assets that are in the name, just in the decedent’s name and not in the decedent’s name as trustee. If there are, there’s usually what they call a poor over will, and there would need to be a probate administration. These are usually done together and so that the trustee is usually the executor also for a will, and it’s called a poor over Will. That says that they leave all their assets to the trustee and then the trustee then administers the trust, pays the creditors, unless it’s a very sizable trust, there isn’t any estate taxes in Florida or to the federal government. And so then once that’s all done taken care of as far as accreditors, and then the trustee needs to make distribution and prefer an accounting for all the beneficiaries to make a distribution, the distribution pursuant to the Trust, and there’s a provision on how they to do that to the trustee can be released from any liability by sending a limitation notice out to the beneficiary. So they can’t object to how they administer the Trust. The assets can be distributed in kind, meaning distribute the assets such as stock. Some beneficiaries say, well, I just want the stock, rather than you are having to sell the stock and then liquidate it and divide up the money. So these are all things that a trustee would do and suggest that they probably need to contact an attorney for some guidance and assistance in conjunction with the matter. If you have any questions, give me a call at (727) 847-2288.
How Do I Write Corporate Minutes?
Video Summary
How do I write corporate minutes? Well, corporate minutes usually consist of shareholder minutes and also director’s minutes. And so what you need to do is write down the date and time and place that the meeting took place and who was in attendance. The bylaws of a corporation will set forth the notices that need to be sent out, which can be waived. And so if you have all of the shareholders in attendance, then you can simply have them sign a waiver that they waive notice of the shareholders meeting, and or you can have a shareholder give a proxy as far as that’s concerned. And then the shareholders are the ones that elect the directors as far as that’s concerned. So that is what you do as far as the shareholder minutes are concerned, you do the same format as far as the director’s minutes are concerned, the date, time, and place, and who is in attendance as far as your director’s meeting. And have them waive notice of the meeting, which are set forth in the bylaws. And their primary function is to elect the officers. If there are any major purchases or decisions to be made, then they need to pass a resolution as far as that’s concerned. They may want to accept the salary for the officers, the corporation. So, all of these things that need to be taken in consideration with the director’s minutes. So that’s how you do directors and shareholders’ minutes. And if you have any questions or need for me to assist you, I have a form that I send out for you to fill out as far as that’s concerned, and I can do the minutes for you. My phone number is (727) 847-2288.
- Published in LLC's and Corporations, Taxes, Videos
During My Divorce, Should I Buy Out My Ex-Spouses Share of the House?
Video Summary
During my divorce, should I buy out my ex-spouse’s share of the house? The answer to that is you should not even think about buying out your spouse’s interest unless you have a marital settlement agreement, which settles all your assets and so that everybody knows what everybody’s going to get as a result of the divorce. And hopefully that’s something that you can work out with your spouse as adults rather than anything else as far as your property division is concerned, and then as simply a business decision. But you don’t want to be in a position where you buy out your spouse’s interest in the property and then you pay her for that, and then she turns around and wants more and more money as a result of looking at your other assets or whatever money you have or resources. So, I would strongly recommend that before you enter into any agreement to buy out your spouse’s interest in any real property, that you have a marital settlement agreement and discuss it with your divorce attorney. I don’t do divorces, but my phone number is (727) 847-2288.
- Published in Real Estate, Real Estate – Selling, Videos
How Can You Remove Someone from a Quit Claim Deed?
Video Summary
How can you remove someone from a Quit claim deed? Well, if the best way to do it or the easiest way to do it is simply prepare a deed and have them sign off conveying it to the proper person or whomever wishes to own the property. If their name was put on this Quit claim deed or the Quit claim deed file and they had no interest in the property and a constant and their unwilling to clear up this title problem, then you must file what they call a suit to quiet title. That’s where you sue them saying that they had no authority to have their name placed on this title, and then have the court determine that they have no interest in the property and that your title is free of any lien or any claim that that person may have. So if you have any questions concerning this, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Videos
How Is a Home Calculated for a Divorce?
Video Summary
How is a home calculated in a divorce proceeding? Well, I don’t handle divorces and so it’s my understanding that whenever the parties have filed an action for divorce, the judge takes into consideration that each party’s circumstances how the home is titled whether or not there’s any children, and then they make a decision as to whether or not the mother or the father, whoever has custody of the children or the primary custody, can remain in the house until the children reach a particular age and then direct the property to be sold. They can also direct the property be sold if there’s no other consideration. They take in consideration the other assets and based upon all of that, the judge then makes the decision as to whom receives the marital home or whether or not they simply each own a half interest and they’re then in a position to sell the property or provide special equity or so much to one spouse once the house is sold. But that’s falls within the jurisdiction and the decisions of the divorce attorney. So you don’t need to call me, but I’ll give you my phone number. You need to talk to your divorce lawyer in order for them to explain how this is going to work in your individual circumstance. Give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Videos