Anyone practice in estate law by chance?

forgop · 05-13-2010, 03:29 PM

I have a situation that I think would apply in all 50 states, so I don't think it's anything specific to the state of Indiana.

My Gma/Gpa had 2 sons (my dad and uncle), both married to my mom and aunt. Approximately 15 years ago, uncle demanded his share of the inheritance and rest was to go to my dad. Farm was transferred to my dad in a quick claim deed with life estate interest held by my Gma. About 4-5 years ago, this aunt became close to Gma and took over power of attorney duty for her finances.

My Gpa/Uncle/Dad/Mom/Gma all passed in that order. Farm transferred to my brother and I in September 2009. Gma's will gave all cash assets to my aunt and said all proceeds of her estate is to pay all expenses to include any debts and inheritance taxes.

My aunt presented somewhere around $15k as the only assets of the estate, in essence depriving the estate of enough $ to pay the inheritance taxes due by my brother and I. I call BS because I know for a fact that just from 2008 and 2009, my aunt took in no less than $200k in farm rental, retirement, social security, and cashing in a investment fund that at one time my brother and I were the beneficiaries (convenient that an investment account left as-is belongs to my brother and I, but cashed out, we don't see a dime). Anyway, it appears as though my aunt created joint accounts in both of their names and claims that this isn't part of the estate. In addition, we have a property tax bill for $3500 and we never received any income from the farm last year to pay it.

Is it just me, or is she sheltering money from the estate to prevent paying the debts/taxes due from the estate? I'm wanting to talk to someone from the state with regards to this and see how they can proceed against my aunt from filing a fraudulent estate because she's also trying to keep from paying any inheritance taxes on this money.

I will p!ss on this woman's grave before the dirt has had a chance to dry from the sun.

Subvet642 · 05-13-2010, 05:28 PM

Duane, you need to hire an attorney.

forgop · 05-13-2010, 06:36 PM

Quote:

Originally Posted by Subvet642

Duane, you need to hire an attorney.

I talked to my attorney-the one who wrote the will for my gma and did all of the real estate transfers, estates for my parents, etc. His exact words: "I think you'd be trading good money for bad". (ie, there's little I can PROVE, even if I go through the process of getting copies of all bank records and everything).

Rabidsquirrel · 05-13-2010, 07:12 PM

I'd consult a few attorneys then. I don't see how you've got anything to lose, i.e. you're not getting anything now.

forgop · 05-13-2010, 07:48 PM

Quote:

Originally Posted by Rabidsquirrel

I'd consult a few attorneys then. I don't see how you've got anything to lose, i.e. you're not getting anything now.

Well, hiring an attorney can obviously get quite costly with all the financial records that would need to be traced back 5 years or so.

I'm not asking for a dime of the money or contending I should get anything more than I received (farm). I'm just peeved as hell that someone as POA can divert funds out of my gma's name, essentially leaving the estate with enough money to pay for her funeral and little else. Meanwhile, I know for a fact she had her hands on ~ $200k just in 2008 and 2009. Where did all that money go and why is she unable to pay the inheritance taxes as directed by my Gma's will? In addition, I'm not about to pay the property taxes on a farm that she collected all of the farm rent for the previous year.

Ye Olde Phart · 05-13-2010, 07:27 PM

PM sent.

forgop · 05-13-2010, 07:49 PM

Quote:

Originally Posted by Ye Olde Phart

PM sent.

Responded...thanks.

smokin5 · 05-13-2010, 10:39 PM

Sounds like a question involving breach of fiduciary duty on the part of your aunt (abusing her Power of Attorney for her own gain), but those sort of cases CAN get tricky & expensive. On the bright side, the general rule of law is that a fiduciary has the burden of proving she did NOT breach her duty if she in fact receives benefit from the transactions. As stated by others, you should consult a local attorney.
Best advice I can give you without getting into all the facts.

billybarue · 05-15-2010, 11:15 AM

fiduciary duty and breach will probably be a separate action post death of your Gma in regard to the parties responsibilities (is your aunt the executor of the estate?).

I am no lawyer, but I think the how the Will assigned assets can be assailed on two basis: 1) Lack of mental competence on the part of your Gma; 2) undue influence of your Aunt in regard to the Will and giving of assets.

Sad to say, but I think "trading good money for bad" is the best advice you have been given. Get lawyers/judges involved and everybody gets a "haircut". How much of a trim you can stand is the question. from my experience I have little to no faith in the legal system.

The Poet · 05-15-2010, 11:21 AM

I don't think anyone practices estate law by chance. It is most likely an intentional choice, with little chance involved.

05-13-2010, 03:29 PM	#1
forgop Not a puffer Join Date: Oct 2008 First Name: Duane Location: Indianapolis, IN Posts: 2,869 Trading: (40)	Anyone practice in estate law by chance? I have a situation that I think would apply in all 50 states, so I don't think it's anything specific to the state of Indiana. My Gma/Gpa had 2 sons (my dad and uncle), both married to my mom and aunt. Approximately 15 years ago, uncle demanded his share of the inheritance and rest was to go to my dad. Farm was transferred to my dad in a quick claim deed with life estate interest held by my Gma. About 4-5 years ago, this aunt became close to Gma and took over power of attorney duty for her finances. My Gpa/Uncle/Dad/Mom/Gma all passed in that order. Farm transferred to my brother and I in September 2009. Gma's will gave all cash assets to my aunt and said all proceeds of her estate is to pay all expenses to include any debts and inheritance taxes. My aunt presented somewhere around $15k as the only assets of the estate, in essence depriving the estate of enough $ to pay the inheritance taxes due by my brother and I. I call BS because I know for a fact that just from 2008 and 2009, my aunt took in no less than $200k in farm rental, retirement, social security, and cashing in a investment fund that at one time my brother and I were the beneficiaries (convenient that an investment account left as-is belongs to my brother and I, but cashed out, we don't see a dime). Anyway, it appears as though my aunt created joint accounts in both of their names and claims that this isn't part of the estate. In addition, we have a property tax bill for $3500 and we never received any income from the farm last year to pay it. Is it just me, or is she sheltering money from the estate to prevent paying the debts/taxes due from the estate? I'm wanting to talk to someone from the state with regards to this and see how they can proceed against my aunt from filing a fraudulent estate because she's also trying to keep from paying any inheritance taxes on this money. I will p!ss on this woman's grave before the dirt has had a chance to dry from the sun.

05-13-2010, 05:28 PM	#2
Subvet642 Bilge Rat Join Date: Nov 2009 First Name: Darren Location: Torpedo Room Bilge Posts: 2,997 Trading: (13)	Re: Anyone practice in estate law by chance? Duane, you need to hire an attorney. __________________ *"Man's mind is his basic tool of survival. Life is given to him, survival is not." -John Galt*

05-13-2010, 07:12 PM	#4
Rabidsquirrel Moderately Confused Join Date: Oct 2008 Location: Pennsylvania, US Posts: 576 Trading: (5)	Re: Anyone practice in estate law by chance? I'd consult a few attorneys then. I don't see how you've got anything to lose, i.e. you're not getting anything now.

05-13-2010, 07:27 PM	#6
Ye Olde Phart Still Watching My Back Join Date: Jan 2009 Posts: 58 Trading: (1)	Re: Anyone practice in estate law by chance? PM sent. __________________

05-13-2010, 10:39 PM	#8
smokin5 Have My Own Room Join Date: Oct 2008 Location: On the Mountaintop - AZ Posts: 2,002 Trading: (69)	Re: Anyone practice in estate law by chance? Sounds like a question involving breach of fiduciary duty on the part of your aunt (abusing her Power of Attorney for her own gain), but those sort of cases CAN get tricky & expensive. On the bright side, the general rule of law is that a fiduciary has the burden of proving she did NOT breach her duty if she in fact receives benefit from the transactions. As stated by others, you should consult a local attorney. Best advice I can give you without getting into all the facts. __________________ Pobody's Nerfect.

05-15-2010, 11:15 AM	#9
billybarue Still Watching My Back Join Date: Nov 2009 Posts: 226 Trading: (5)	Re: Anyone practice in estate law by chance? fiduciary duty and breach will probably be a separate action post death of your Gma in regard to the parties responsibilities (is your aunt the executor of the estate?). I am no lawyer, but I think the how the Will assigned assets can be assailed on two basis: 1) Lack of mental competence on the part of your Gma; 2) undue influence of your Aunt in regard to the Will and giving of assets. Sad to say, but I think "trading good money for bad" is the best advice you have been given. Get lawyers/judges involved and everybody gets a "haircut". How much of a trim you can stand is the question. from my experience I have little to no faith in the legal system.

05-15-2010, 11:21 AM	#10
The Poet Il megglior fabbro Join Date: Jun 2009 First Name: Thomas Location: Hickory, NC Posts: 8,420 Trading: (2)	Re: Anyone practice in estate law by chance? I don't think anyone practices estate law by chance. It is most likely an intentional choice, with little chance involved.