While Standard Legal cannot speak directly to a specific personal situation, generally cash money or other highly-liquid assets placed or maintained in a revocable Living Trust are not exempt from creditors and their collection efforts.
In a Land Contract, What Are Typical Closing Costs and Down Payment Amounts?
Rarely is anything “typical” as to closing costs or down-payment percentages as they related to the content of a Land Contract, as both items are negotiable and based on the interests of the parties specific to the contract.
Does Excluding a Person in a Will Prevent Payment on a Life Insurance Policy to That Same Person?
In most instances, life insurance benefits are paid to the person listed on the policy, notwithstanding the terms of any Last Will and Testament.
Can My New Spouse Keep His Old Will Giving All Assets to His Kids and Nothing to Me?
In most states, a spouse cannot be “cut out” of a Last Will and Testament, even if it is a “new spouse” and an “old will”.
How Do I Determine the Market Value of a Home in a Divorce or Separation?
The market value of your home simply should be a value that is agreed upon by you and your spouse. There are some online tools you can use to help you make this valuation.
If a Joint Account is Established Separately Outside of a Family Trust, How is the Joint Account Treated When Parents Die?
Joint accounts are owned only by those specifically participating in the account. In most cases, upon the death of one joint account holder, the remaining account holders continue to own the contents of the account.
How Long After a Person Dies Are the Terms of His Will Valid?
Each state has its own rules regarding the time frame in which a Last Will & Testament must be submitted to the probate court for evaluation and execution.
Does My Premarital Agreement Need to be Filed with the Court to be Valid?
A Premarital Agreement (also called a prenuptial agreement or the common version “prenup”) is in essence a contract between two parties, the two spouses involved in the Agreement.
What is a “Personal Representative” in a Last Will and Testament?
A “personal representative” is better known as the Executor or Administrator of the Will: the person who oversees the distribution of assets as it is written in the Will, guiding it through Probate.
Can I Get the First Time Home Buyer Tax Credit on a Land Contract?
The federal government’s “first time home buyer tax credit” applies to real estate properties purchased by a person who has never owned a home in the past, so long as the purchase is completed by the deadline that has been set for the program (but may be extended again).
The issue with applying for and receiving this tax credit through the use of a land contract is the right to the transfer of Deed, among other specific requirements.