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Does a person have to pay state taxes on an annuity that was divided between the surviving children?
Wiki User
∙ 10y ago
The inherited annuity is considered income in receipt of a deceased individual.If you receive an IRA as a beneficiary, it is income to you as it would have been income to the person you inherited it from. In a traditional annuity, an individual pays into a product a sum of money, usually to an insurance company, that agrees to pay the abovementioned individual a certain amount of money in return when they decide to withdraw funds from the product. Some annuities begin immediately and some are deferred until the person decides to take payments or systematic withdrawals. Whether it is an immediate or deferred annuity, each part of the payment is consider part of the money that the individual paid into the product and part of the payment is considered earnings or growth made during the time the individuals money was in the product. The earnings or growth is taxable over the life of the payments. The company that holds the product can tell you which part is what the original person paid into the product what portion is growth. Inheriting an annuity is not the same as inheriting cash.
Wiki User
∙ 10y ago
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When a parent dies without making a will is money divided between children or does it go to eldest child or son?
Assuming there is no other surviving parent, it will be divided among the children and issue of any predeceased children. The eldest son does not inherit to the exclusion of the other children.
Who are the legal beneficaries of my mother who recently passed away with no will?
the surviving spouse is the legal beneficary unless otherwise stated Her Children. Each state has rule of intestacy that specify how an estate will be divided if there is no will. Typically the spouse will inherit all, but if there are children it is often divided into halfs and the spouse gets half and the children get the other half.
If a married woman with three children dies intestate how would her property be distributed?
" If there is no will , the procedure used for transferring property the deceased propert to his/her heirs is called Intestate succession. In the state of California the rules for dividing property are complex and dependent upon the relationship of kin: separate property: if the decedent has no will and leaves a spouse and one child, property is divided equally, 50-50. if there is a surviving spouse and two children, 1/3 goes to the spouse and 2/3 to the children. if there is no surviving spouse, property is divided qually among the children."
What is the answer on how do you divide 13 apples between 14 children?
13 apples divided by 14 children will give them 0.9285714 of an apple each.
When the parents die who inherits the home?
As with nearly anything owned by the estate of a deceased person, the answer will depend upon whether there was a valid will, or upon the laws of intestacy where the property is located. For example, if there is no will, and no surviving parents, the children (or their heirs) might inherit all of the property in equal shares, if that is what the state laws of intestacy say.
Does everything in a parent's estate have to be equally divided among the siblings?
If there is no will that provides otherwise, and no surviving spouse, the state intestacy laws will provide that a parent's property be divided equally among the decedent's children. You can check the laws in your state at the related question link provided below.
What is 2 divided by 62 for children?
2 divided by 62 for children = 0.03225806451612903
Do the children of the deceased usully win if theres no will in probate court?
The law will specify the requirements for distribution. Typically the estate will be divided between the children and the spouse.
Can an irrevocable trust be broken by the surviving spouse just because the trust states the assets are to be divided between the children and not the surviving spouse?
It's not typically possible for a surviving spouse to break an irrevocable trust unless there are legal grounds, such as fraud or undue influence. The terms of the trust usually determine how the assets are distributed, regardless of the surviving spouse's desires. The surviving spouse may have rights to certain benefits, but these would not usually include breaking the trust.
Who keeps a house if there isn't a will?
The house will be part of the dead persons estate (if they were the owner of the house). And while the detail of the law varies form country to country, basically if there is no will the estate is divided up (according to the law) between the surviving relatives who have a valid claim on the estate. If you are a surviving relative you should contact your solicitor (attorney).
What kind of taxes will need to be paid on a considerable sum of money from a deceased mother's checking account when it is divided between the surviving children?
Estate taxes are what need to be paid. The executor of the estate, or their legal advisor, should have a good handle on the process. If the value of the estate is less then about 1.2 million, there may be no taxes due, but you still need to file.
How are children's clothing sizes divided?
Children's clothing sizes are divided into separate categories for specific age groups.
