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Yahoo
08-07-2025
- Business
- Yahoo
‘We are blessed': My husband is inheriting a $1 million home. Should he put it in my name too?
My husband is inheriting a house from elderly friends, in his name only. It's worth $1 million or more. We do not live in a community-property state. We have one son who is now a young adult. We will consult a lawyer about tax protection and to have new wills made. We plan to live in the house at least for a while to avoid capital-gains tax. We may sell it at some point. We have our own house, which we could sell or rent. We are blessed. What do you recommend we do? Goldman Sachs lifts its S&P 500 forecasts. Strategists say these three investment moves are crucial. 'I'm single': At 70, I have $500,000 in stocks and $220,000 in savings. How do I invest my $130,000 windfall? 'Today is my 61st birthday': I have my ex-spouse's Social Security benefits. Should I retire at 65 and travel? I'm 85 with 2 kids and $4 million. My daughter wants a larger share of my estate than my son to compensate for unequal treatment by her father. 'She's in a shaky marriage that could soon end': Will my daughter's husband get my IRA when I die? He wants to name me as the beneficiary to everything in his will, with our son as the contingency (I'll do the same for him). I don't want to have an issue if he dies before me. Should he also add me to the deed once the house is in his name? Feeling Blessed Related: 'Is this a good tax strategy or a sham transaction?' My mother wants to give me her home. I have a plan to avoid taxes. The undiplomatic answer: He should not put you on the deed if he is planning, at some point in the not-too-far-off future, on filing divorce papers. However, even if he is not planning to do so, there's no immediate reason to put your name on the deed. As you are no doubt aware, regardless of whether you live in a community-property state or an equitable-distribution state, all inheritance is regarded as separate property in the U.S. If your husband died without making a will, intestacy laws in your state would apply. Your husband could, in order to avoid probate, put your name on a transfer-on-death deed so the house becomes yours upon his death, assuming he predeceases you. It works in the same way as naming a beneficiary on a bank account or insurance policy. It also means the house would not go through probate — the public accounting of assets and liabilities — because it would transfer to you upon his death. This is an alternative to putting you on the deed. This way, he maintains responsibility for and ownership of the property during his lifetime. Existing law allows for single filers to exclude $250,000 in capital-gains tax; for joint filers, the exclusion is $500,000. The tax rate you would pay, if you owed capital-gains tax, would be based on your income-tax bracket. 'However, if you sold another primary residence within the two years prior to selling the inherited home turned primary residence, you generally won't be eligible for this exclusion,' says the Law Office of Daniel A. Hunt, which has offices in Sacramento, Folsom and Roseville, Calif. 'If you want to keep the home but don't plan to live in it right away, you may decide to turn the property into a rental,' the law firm adds. 'If you later decide to sell the home, you could choose to defer paying taxes by conducting a 1031 tax-deferred exchange.' A 1031 exchange, it explains, 'occurs when you sell one investment property and purchase another with the proceeds. If you do not wish to purchase another rental property with the proceeds, then you will be assessed for capital gains tax when you sell the rental property.' In addition to selling the property immediately or deducting the expense of selling it from your capital gains, you could, as you say, move into the house with your husband for two years before selling it. You will likely benefit from the property's step-up in basis. Under Section 1014 of the U.S. tax code, the cost basis of property inherited from your husband's friends would likely be the fair market value at the time of the homeowner's death. Your husband does not have to be a biological descendant of the owner to receive a step-up in basis, but the property in question must be included as a part of your husband's friends' estate. He would need to be named in the will, a revocable trust or transfer-on-death deed. He could, if he chose, leave half the $1 million home to you and the other half to your son. But it appears he is happy to leave the entire estate in your hands. This inheritance should help smooth the path for your retirement. Related: 'This flies in the face of my morals and ethics': My father cut my sisters out of his six-figure estate. Should I push back? Previous columns by Quentin Fottrell: My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who's right? 'I'm at a loss': My boyfriend of nearly 10 years is naming his elderly parents as beneficiaries and giving them power of attorney. Am I right to be upset? 'We have no prenuptial agreement': Will my wife be able to take my money if I transfer it to my retirement account? I'm saving 100% on Amazon Prime Day — and you can too My wife and I are in our late 60s. Do I sell stocks to pay our $30,000 credit-card debt — or do it gradually over 3 years? 'I do all the yard work, cooking and cleaning': I live with my daughter and her lazy boyfriend. She wants me to buy her house. Do I say yes? Treasury rout grows as tariffs and supply test demand after tax and spending bill I put my $500K inheritance into a joint account with my husband. Can I leave half of it to my son from a previous marriage? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
03-07-2025
- General
- Globe and Mail
Manhattan Family Law Attorney Richard Roman Shum Clarifies Grandparents' Rights in New York
In a detailed new article, Manhattan family law attorney Richard Roman Shum ( explores the legal avenues available to grandparents seeking visitation or custody of their grandchildren under New York law. The article highlights how the legal system recognizes the vital role grandparents can play in a child's emotional development and stability, particularly when access is restricted or denied by parents. Grandparents facing barriers to maintaining their relationships with grandchildren often turn to a Manhattan family law attorney for legal guidance. According to Richard Roman Shum of the Law Office of Richard Roman Shum, Esq., New York law permits grandparents to petition for visitation or custody under certain conditions. This legal path requires demonstrating that continued contact supports the child's best interests, especially when family circumstances have changed due to death, divorce, or estrangement. A Manhattan family law attorney can help navigate these issues, especially in light of the protections parents are afforded under the U.S. Constitution. The article cites the influence of the Supreme Court case Troxel v. Granville, which affirmed the rights of parents to control their children's upbringing. As a result, New York courts place a high burden of proof on grandparents who seek to override a parent's decision and must show that denying visitation would be detrimental to the child. 'Grandparents often play a meaningful role in a child's life, offering emotional support, family traditions, and a strong sense of identity,' states the article. 'New York law recognizes the potential value of these relationships and offers grandparents the opportunity to petition the court for visitation or custody under certain conditions.' New York's Domestic Relations Law § 72 provides a legal route for grandparents to request visitation. The statute outlines the circumstances under which a grandparent may be eligible, starting with establishing legal standing. If one or both of the child's parents are deceased, divorced, or missing, grandparents may qualify to file a petition more easily. In situations where both parents are alive and oppose visitation, the grandparent must establish 'equitable circumstances' that justify the court's involvement. Courts evaluating these cases weigh the nature and history of the grandparent-grandchild relationship, the reasons for the parents' objection, and whether denying contact would negatively affect the child's well-being. The article explains that grandparents must also demonstrate that the child resides in New York State and that a significant relationship already exists or efforts were made to build one. When visitation is not appropriate or sufficient, grandparents may also seek custody under more stringent legal standards. Richard Roman Shum outlines that to do so, grandparents must show 'extraordinary circumstances,' such as parental unfitness, abandonment, or neglect. Courts require a strong showing that awarding custody to a grandparent is in the child's best interest and necessary for their safety and stability. The article also details the process for filing a visitation petition in Manhattan's Family Court. Grandparents must gather documents supporting the depth of the relationship, serve notice to the child's legal guardians, and prepare for court hearings where the petition's merits are reviewed. The court may appoint a legal representative for the child and consider all evidence to make a decision focused entirely on the child's welfare. To build a compelling case, grandparents are encouraged to document their involvement in the child's life, such as participation in school events, healthcare, and daily routines. The use of mental health evaluations or witness testimony from teachers or coaches can further strengthen the case. Courts may also recommend mediation to resolve disagreements before issuing a ruling. In his explanation, Richard Roman Shum emphasizes that a thoughtful legal approach is key to preserving grandparent-grandchild bonds. While courts begin with a presumption that parents are acting in their child's best interests, they remain open to evaluating evidence that continued contact with a grandparent serves the child's needs. The Law Office of Richard Roman Shum, Esq provides legal support to grandparents navigating these family law challenges. Based in Manhattan, the firm assists clients in presenting thorough legal petitions, negotiating visitation terms, and, when necessary, pursuing custody to protect the child's welfare. Understanding the rights of grandparents in New York involves a careful balance between respecting parental authority and recognizing the emotional support that grandparents can offer. For grandparents seeking legal ways to maintain a meaningful role in their grandchildren's lives, New York law provides a framework to pursue visitation or custody when justified by the circumstances. Those concerned about maintaining contact with a grandchild due to divorce, estrangement, or other family changes can explore available legal options. A properly prepared case supported by credible documentation can make a difference in the outcome of a visitation or custody request. About Law Office of Richard Roman Shum, Esq: The Law Office of Richard Roman Shum, Esq. is a Manhattan-based legal practice focusing on family law matters. Led by attorney Richard Roman Shum, the firm assists clients with matters involving divorce, custody, and visitation. The practice is committed to helping individuals and families navigate legal challenges with a focus on the child's well-being and long-term stability. Embeds: GMB: Email and website Email: richard@ Website:
Globe and Mail
20-06-2025
- Globe and Mail
Manhattan Child Custody Lawyer Richard Roman Shum Explains What Can Be Used Against a Parent in a Custody Battle
Navigating a custody dispute requires clarity, preparation, and an understanding of what courts consider when determining the best arrangement for a child. Manhattan child custody lawyer Richard Roman Shum ( sheds light on these legal challenges in his recent article, 'What Can Be Used Against You in a Custody Battle?' This insightful breakdown helps parents understand what factors may negatively influence a judge's custody decision in New York. Richard Roman Shum, a Manhattan child custody lawyer at the Law Office of Richard Roman Shum, Esq., explains that New York courts assess custody based on the child's best interests. No preference is given to either parent based on gender. Every decision made by the court reflects a comprehensive evaluation of the parent's ability to provide a safe, stable, and nurturing environment. As Shum outlines, actions and behaviors that may seem minor in daily life—like missing visits, sending inappropriate messages, or failing to comply with court orders—can become pivotal in custody proceedings. One of the key areas that courts examine, as noted by Manhattan child custody lawyer Richard Roman Shum, is any history of abuse. This includes physical, emotional, or psychological harm. 'A consistent pattern of physical aggression, such as hitting, choking, or inflicting bodily harm, indicates a potentially dangerous environment, and courts will act to protect the child from future risk,' he states. Even if the abuse does not happen in the child's presence, it can still impact custody decisions. Harassment, intimidation, or controlling behaviors are also taken seriously, especially when they create an unstable home. Substance abuse is another significant factor in custody cases. Shum explains that courts consider not only whether a parent has a history of drug or alcohol misuse, but also the steps taken to address the issue. Voluntarily participating in treatment programs, maintaining long-term sobriety, and agreeing to supervised visitation or drug testing are all positive indicators of parental responsibility. On the other hand, denial, concealment of substance use, or refusal to comply with monitoring measures can undermine a parent's position. Mental and emotional health plays a similarly critical role in the court's analysis. According to Richard Roman Shum, courts do not automatically penalize parents for having a mental health diagnosis. What matters is whether the condition affects their ability to parent. For instance, untreated symptoms that result in unpredictable or disruptive behavior may be viewed as compromising to a child's welfare. However, consistent treatment and medical compliance can demonstrate stability and reliability in caregiving. Criminal history is also scrutinized, with a focus on the nature, timing, and frequency of offenses. Violent crimes, domestic violence, and serious drug offenses carry the greatest risk to a parent's custody claim. Even non-violent offenses can raise questions about judgment and reliability, particularly if the criminal behavior is recent or recurrent. Courts also consider whether a parent has made genuine efforts toward rehabilitation. Neglect and lack of involvement are additional red flags in custody proceedings. Failing to meet a child's physical, educational, or emotional needs is often interpreted as a lack of parental commitment. Richard Roman Shum outlines examples such as returning children without proper care, missing school events, or ignoring court-mandated visitations. Such behaviors can paint a picture of disengagement, which judges take seriously when considering custody arrangements. Financial stability is another core component. While income alone doesn't determine custody, the ability to consistently provide housing, food, clothing, and medical care reflects on a parent's suitability. Irresponsible financial behavior, such as unpaid child support, heavy debt, or unstable housing, can weaken a parent's case, especially when the other parent demonstrates greater consistency and responsibility. The article also discusses how non-compliance with legal orders, including court-mandated visitations, support payments, or protective directives, can significantly damage a custody claim. Failing to honor these obligations shows a disregard for legal structure and may lead to reduced parenting time or even supervised visitation. To improve custody outcomes, Richard Roman Shum emphasizes the importance of proactive steps. These include following all court orders, being actively involved in the child's life, addressing personal issues like substance abuse or mental health conditions voluntarily, maintaining a stable home, and communicating respectfully with the other parent. Courts in New York place a premium on action and consistency. Demonstrating reliable parenting through day-to-day involvement, adherence to legal requirements, and a focus on the child's well-being is key. As Shum explains, 'New York courts value action over intention, and tangible proof of good parenting will always carry more weight than verbal promises alone.' Parents facing custody disputes in Manhattan can look to the Law Office of Richard Roman Shum, Esq. for guidance through every stage of the process. With legal support tailored to each family's circumstances, the firm helps clients avoid missteps and present the strongest possible case for custody. Building a strong foundation of stability, responsibility, and legal compliance is essential for securing favorable outcomes in court. Parents seeking direction and legal support in a custody matter can begin by consulting with the Law Office of Richard Roman Shum, Esq. A clear legal strategy and documented record of responsible parenting provide the best path to a custody arrangement that supports the child's best interests. About Law Office of Richard Roman Shum, Esq. The Law Office of Richard Roman Shum, Esq. serves families in Manhattan with legal representation focused on family law. The firm is committed to helping parents navigate custody disputes by providing guidance rooted in New York family law and the best interests of the child. Embeds: Youtube Video: GMB: Email and website Email: richard@ Website:
Associated Press
30-05-2025
- Health
- Associated Press
How Rural Texans Are Protecting Their Rights After Serious Accidents
05/30/2025, Sherman, TX // KISS PR Brand Story PressWire // Texans in rural areas often face unique challenges when injured due to accidents caused by others. From fewer medical resources nearby to long travel distances for legal counsel, residents outside major metropolitan centers often struggle to get the help they need. But the Law Office of John H. Nix is helping to close that gap. The firm is empowering rural Texans to assert their legal rights and recover damages after serious accidents, wrongful deaths, and other personal injury matters. Serving Sherman and surrounding counties, the Law Office of John H. Nix has built a reputation for results-driven representation in cases involving motor vehicle collisions, oilfield accidents, truck crashes, and wrongful death. Led by experienced trial attorney John H. Nix, the firm provides direct, personalized service without treating clients like case numbers. The firm's clients include farmers, ranchers, blue-collar workers, and families who may have little experience with legal procedures. When these individuals are injured through no fault of their own—whether by reckless drivers, unsafe worksites, or negligent manufacturers—they deserve skilled legal help to pursue fair compensation. That's why the Law Office of John H. Nix offers its services to clients throughout North Texas and the Texoma region. As a personal injury lawyer in Sherman, TX, John Nix brings decades of trial experience, and his background as a former prosecutor gives him insight into both sides of the courtroom. He understands the tactics large insurance companies use to avoid paying fair settlements. Whether negotiating or litigating, Nix tailors each case strategy to the specific needs and goals of his clients. His law firm in Sherman, TX, is known for its attention to detail, thorough case preparation, and aggressive advocacy in court. The Law Office of John H. Nix handles various personal injury claims, including those involving car wrecks, 18-wheeler accidents, and industrial or oilfield injuries. For those who have lost a loved one due to negligence, the firm's wrongful death lawyer in Sherman, TX, provides compassionate legal support during a difficult time. By filing a wrongful death lawsuit, families can get compensation for funeral expenses, lost financial support, and emotional distress. Texans in Grayson County, Fannin County, Cooke County, and the broader North Texas region trust the Law Office of John H. Nix because of its proven track record and strong community ties. Unlike firms based in major cities that may lack familiarity with rural lifestyles, it understands the specific hardships rural clients face. The firm also prioritizes transparency and clarity, offering free consultations and contingency fee arrangements. This means clients only pay legal fees if their case is successful. The Law Office of John H. Nix guides clients through each step of the claims process, from initial evidence gathering to negotiations with insurers and, if necessary, trial representation. Its accident attorney in Sherman, TX, works to maximize settlements while minimizing stress for the client, enabling injured individuals to focus on healing. Learn more about the Law Office of John H. Nix by visiting the firm's website at About Law Office of John H. Nix Law Office of John H. Nix provides legal representation in personal injury and wrongful death cases across North Texas. The firm focuses on client-first strategies, offering tailored legal solutions for rural and small-town residents. ### Media Contact Law Office of John H. Nix 514 N Elm St, Sherman, TX 75090 (903) 868-2600 newsroom: Source published by Submit Press Release >> How Rural Texans Are Protecting Their Rights After Serious Accidents
Yahoo
13-03-2025
- Politics
- Yahoo
Illinois Dem lawmaker pushes bill to legalize attacks on police for people having mental health episode
An Illinois lawmaker has introduced a bill that critics say will make it legal for anyone experiencing a mental health episode to attack police officers. Democratic state Rep. Lisa Davis, an attorney in the Law Office of the Cook County Public Defender's office, introduced House Bill 3458 in February. Under the terms of the legislation, the bill would "[provide] that it is a defense to aggravated battery when the individual battered is a peace officer and the officer responded to an incident in which the officer interacted with a person whom a reasonable officer could believe was having a mental health episode and the person with whom the officer interacted has a documented mental illness and acted abruptly." 'Pro-criminal': Blue State Sheriff Unloads On 'Disgusting' Bill Targeting The Right To Self-defense The bill has picked up two co-sponsors, Reps. Marcus Evans and Kelly Cassidy. Currently, a person in Illinois can be charged with aggravated battery if they attack "an individual whom the person knows to be a peace officer, community policing volunteer, fireman, private security officer, correctional institution employee, or Department of Human Services employee supervising or controlling sexually dangerous persons or sexually violent persons." Read On The Fox News App Second Cop City, a blog that reports on Chicago policing matters, first reported on the bill. Trump Supporting California Sheriff Launches Republican Run For Governor In Race To Succeed Newsom "If this passes, mental illness will be an excuse to attack and beat police officers," the blog states. "In fact, who wants to bet there will be thousands of people who suddenly have doctor notes that permit them to attack cops?" Davis' proposal would legalize attacks on peace officers. Other first responders would be spared, such as firefighters, like her husband, CWB Chicago reported. The bill has been referred to the Illinois General Assembly Rules Committee, where unpopular legislation goes to die, the news report states. Fox News Digital has reached out to Davis and the Chicago chapter of the Grand Lodge of the Fraternal Order of article source: Illinois Dem lawmaker pushes bill to legalize attacks on police for people having mental health episode
