AV Preeminent Peer Rated Attorneys
Bishop Residents, consider several factors when selecting a lawyer including their experience, expertise, and reputation. AV Rated Attorneys represent a distinguished group of lawyers who have received top ratings from their peers for their exceptional ethical standards and an A grade (4.5 or higher).
AV Preeminent Peer Rated Attorneys
Bishop Residents, consider several factors when selecting a lawyer ... Learn More
AV Preeminent Peer Rated Attorneys
Bishop Residents, consider several factors when selecting a lawyer including their experience, expertise, and reputation. AV Rated Attorneys represent a distinguished group of lawyers who have received top ratings from their peers for their exceptional ethical standards and an A grade (4.5 or higher).

Law Offices of Linda D. Hess

  • 218 S. Main St., Ste. D, Bishop, CA 93514

Hardy & Place

  • 106 S. Main St., Ste. 201, Bishop, CA 93514

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Kenney L. Scruggs

  • 162 East Line Street, Suite A, Bishop, CA 93515

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Law Offices of Elizabeth Corpora

  • 308 W. Line St., Ste. A, Bishop, CA 93515-1161

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Looking for Estate Planning Lawyers in Bishop?

Estate planning attorneys help individuals prepare for the management and distribution of their assets after death or incapacitation. They create legal documents such as wills, trusts, powers of attorney, and healthcare directives. Their work ensures a client’s wishes are honored, minimizes potential taxes, and simplifies the process for their loved ones.

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The average lawyer rating is created by peers based on legal expertise, ethical standards, quality of service, and relationship skills. Recommendations are made by real clients.

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Commonly Asked Estate Planning Questions From Users Near You

This information is not legal advice and is not guaranteed to be correct, complete or up-to-date. It is provided for general informational purposes only. If you need legal advice you should consult a licensed attorney in your area.

Do I need to set up a tax ID to avoid getting taxed in spliting the financials to my siblings?

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Answered by attorney James P Frederick (Unclaimed Profile)
Estate Planning lawyer at Frederick & Frederick Attorneys at Law
Upon the death of your parents, any inherited accounts would belong to you. If there are income taxes owing, you would be responsible for paying for them. As for gift taxes, there would be no actual TAX, provided the amounts in questions are less than $5,000,000. There would need to be a gift tax RETURN filed, however, to report the gifts to the IRS. A tax ID is probably not going to be necessary, provided the assets simply liquidate, upon your parents' death.
Upon the death of your parents, any inherited accounts would belong to you. If there are income taxes owing, you would be responsible for paying for them. As for gift taxes, there would be no actual TAX, provided the amounts in questions are less than $5,000,000. There would need to be a gift tax RETURN filed, however, to report the gifts to the IRS. A tax ID is probably not going to be necessary, provided the assets simply liquidate, upon your parents' death.
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Does a Power of Attorney give the right to change beneficiary information on existing IRA account?

Dera L. Johnsen-Tracy
Answered by attorney Dera L. Johnsen-Tracy
Estate Planning lawyer at Horn & Johnsen SC
Depending on the specific language contained within your brother's Power of Attorney document, his agent may have had the legal authority to change the beneficiary designation for his IRA account. However, typically, an agent who is not a spouse may not act in a way that benefits herself directly unless the document contains special language authorizing such acts. Unfortunately, now that your brother is deceased, it would likely be an expensive and lengthy legal battle to prove that his girlfriend acted inappropriately and violated her fiduciary duty to act only for the benefit of your brother.
Depending on the specific language contained within your brother's Power of Attorney document, his agent may have had the legal authority to change the beneficiary designation for his IRA account. However, typically, an agent who is not a spouse may not act in a way that benefits herself directly unless the document contains special language authorizing such acts. Unfortunately, now that your brother is deceased, it would likely be an expensive and lengthy legal battle to prove that his girlfriend acted inappropriately and violated her fiduciary duty to act only for the benefit of your brother.
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What happens to my brother's share if he passed before distribution?

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Answered by attorney James P Frederick (Unclaimed Profile)
Estate Planning lawyer at Frederick & Frederick Attorneys at Law
It sounds like that would be the distribution. Given the importance of this matter, however, I would have an attorney review all of the circumstances, before you proceed. You may need to have a probate estate opened for your brother and/or his wife. If this passes through the wife's estate, then you would not be HER heirs.
It sounds like that would be the distribution. Given the importance of this matter, however, I would have an attorney review all of the circumstances, before you proceed. You may need to have a probate estate opened for your brother and/or his wife. If this passes through the wife's estate, then you would not be HER heirs.
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