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Elizabeth Said:

How long do you have to wait after providing a split to a beneficiary to act on if they are contest it and act?

We Answered:

My condolences on the death of your father.

There are many, many variables here. You cannot get "good" legal advice over the Internet - the field of Law is too complicated for that. Also, remember: Each state's estate laws differ. Each county's estate laws differ.

It sounds like your brother's attorney is bluffing. But my strongest suggestion is to consult with an attorney. Just because your brother won't agree to your proposal and won't sign the paperwork, doesn't mean you are at a dead end. Your brother can greatly slow you down, but he can't stop you. But, you need to consult with a lawyer. The Judge of the Probate Court can give you the go-ahead you need.

As the Executor/Trustee of the Estate you are responsible for anything that goes wrong, and you could become the target of a lawsuit. For your own protection, get an attorney.

THE best way to find a lawyer is by word of mouth. Ask your: family, friends, coworkers, anyone you might know in the same situation, etc.

OR

Call your local (usually county) bar association. Ask for names of attorneys that handle Estate/Probate/Trust Law. (If money is a BIG problem, you could also ask for the phone number of your local LegalAid office. - the attorneys at LegalAid are "real" attorneys, but sometimes in the field of Law, how much you are willing to pay does affect the quality you get.)

When you call the law office(s), insist on speaking with the Lawyer. Just tell the Secretary the main idea of your matter - do not tell all the little details of your matter to the Secretary - save the details for the Attorney. When you get the Lawyer on the phone line, ask him/her:

- Do they give >>>FREE, initial consultations for the FIRST meeting? (most do, but not all - you have to ask, don't assume)
- How much do they charge?
- Could you make payments on your account?
- Can they help you? OR Refer you to someone who can help you?


The more legwork you do for the Estate, the less you should be charged.

Good luck to you.



(This is based on my knowledge, information, belief, and life experiences. This was intended as personal opinion, and not intended to be used as legal advice. Seeking advice over the Internet is not a good idea - the field of Law is too complex for that. Please be careful and do your research.)

Betty Said:

i need re-finance loan of a 180,000$?

We Answered:

I'd start with my local bank where they know me.

Edwin Said:

Dad died, sister says shes getting an attorney?

We Answered:

When attorneys get involved, you always have something to worry about. Hopefully you kept the will and all the documents. Go to an attorney yourself and see what they say. If the will was written well, it should be no problem. If it was not written well, then there may be a chance for them.

Sorry about your loss and the way your sisters acted.

Gabriel Said:

Ok, I am disabled, on Medicaid (which really sucks) for a spinal injury. I have a sister who collects SSDI,and?

We Answered:

Take really good care of your mom, because if she does successfully move her money she may not be eligible to have medicaid/medicare pay for her nursing home care.

Both have a period of time called "look back." This is when they "look back" over a previous period of times and see what assets you may have given away. In most states it is 30 months, some 36, and in California 60.

So lets say for the sake of argument (and math ease) your mom gave away 100,000 worth of assets. Cost of nursing home care is $3,000 a month or $36,000 a year. WIth that 100,000 she could have paid for 33 1/3 months of care with that money. So in no state would she get her nursing care paid for in at least 30 months.

As to her home - in some states that can be transfered ownership to you and she would not be penalized. But in some states they count the value of the home as an asset. http://74.125.93.132/search?q=cache:-tAx…

To be exempt from this, you do not need (or want) an irrevocable trust, you need a special needs trust. You need a lawyer who specializes in these type of trusts to assure that it is created ironclad. http://www.associatedcontent.com/article…

Thelma Said:

I am 72 and retired with no income but my social security...I have a house payment plus all my household bills?

We Answered:

Hi, Lory. Sorry to find you in such a dilemma. A reverse mortgage (RM) is a good program, but you need to look at the long term to make sure it is good for your unique situation.

Your options are (in no special order):
1) sell and buy smaller
2) sell and rent
3) get a roommate
4) get a reverse mortgage (if it applies)
5) get a part-time job, if you are able to
6) move in to a retirement community
7) move in with relatives

I specialize in RM so I will focus on that option. Since you have access to a computer, go to www.nrmla.org (the national RM organization) and use their calculator to see if you even qualify for a RM. Although you are eligible because of your age, you need sufficient equity in your home to at least pay off your existing mortgage. For some folks, even if there are no funds left over, just getting rid of the monthly mortgage payment releases enough of their monthly funds to allow them to breathe and live better; especially for those who truly do not want to give up their home and move into a facility or with relatives.

I don't know if that is your case. With a RM, you still have to maintain the house, pay home insurance and property taxes since it is still your home. Can you manage to do that easily if you didn't have a monthly mortgage payment? If so, a RM might be right for you.

Next question is, is the house itself working for you? Does it have sentimental value? Do you want to leave it to someone? Is it too big for you? Do you have to negotiate stairs? Do you have the resources to get help to repair problems as they arise?

If it works for you and you qualify for a RM, then by all means go for it. If the house is important to you but it means you have to get a roommate or a job, it sounds like you are simply buying time, but do what you need to do. I've heard of relatives wanting to keep the house in the family, buying it off the senior and giving them a life estate (the right to live there until they pass away or are not able to).

If it doesn't work for you regardless if you can qualify for a RM, you may want to consider selling and downsizing.

Selling doesn't mean you have to give up your independence. Again depending on the proceeds remaining after you pay off your existing mortgage, you may want to consider using a RM to buy something smaller (condo, perhaps?), walking distance to amenities, with elevators or no stairs, and not much ongoing maintenance required by you. The HECM purchase program started last year in 2009. If you qualify for a reverse mortgage, then talk to a reverse mortgage loan broker about this program (except for Texas).

A retirement community is also a great idea, if it works with your personality. There are all kinds of variations. In some you own the house in a gated community but lease the land from the subdivision and they have community facilities and functions. In others, you rent or buy into a room, much like a condo, but it is in a complex that has just about everything you need. The social activities are extensive and they offer meals in a restaurant-style setting so you do not need to cook. Just make sure that wherever you go, it allows you to transition to alternative housing within the same community as your needs change. Some of these communities require that you be self-sufficient, or mostly functional, and you don't want to find yourself out on the street when your health no longer qualifies you to that specific retirement community and no house to fall back on.

First things first. Find out if you even qualify for a RM to see if that remains one of your options. If you aren't sure what your home may be worth in this economy, you can go online to get an idea. Unfortunately, the figures aren't always the best so you may also want to talk to 2 or 3 realtors; just keep in mind that some may overstate it's value in the hopes that you sign up with them to sell, expecting to receive so much more than it's worth.

Hope this helps.