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Can a bank account continue to be managed by a Reprentative Payee whose is on the account if the other owner passes away?
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What is joint account?
A joint account generally is an account with survivorship rights. That means when one owner dies full ownership passes automatically to the surviving owner.
Is a joint checking or savings account considered part of an estate?
No. Ownership of a a joint account passes automatically to the surviving joint owner unless it can be proven that the account was set up as joint for purposes of convenience only by the decedent.
You had a joint bank account with your mom she died and you were the beneficiary she owes federal taxes legally do you have to pay the taxes my brother was the executor of her will received all assets?
It depends on how the account is held. Generally joint accounts are held JTWRS, Joint Tenants With Rights of Survivorship, this means when one account holder dies, their share of funds automatically passes to the other account holder(s)and is not subject to taxation or probate procedure.
What is the difference between a cash payment and a payment made to a vendor or contractor through AP and why is one better than the other?
The difference between a cash payment and a payment made to a vendor or contractor through accounts payable is as follows: In a cash payment, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and hand over the cash to the vendor (by decreasing the cash asset account). For the vendor, they recognize the revenue upon completion (by increasing the revenue account) and move the cash onto their balance sheet (by increasing the cash asset account). In an accounts payable transaction, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and acknowledges the debt (by increasing the accounts payable liability). For the vendor, they recognize the sale (by increasing the revenue account) and acknowledges that the company using their services owes them for the work that they did (by increasing the accounts receivable account). Time eventually passes for the accounts payable transaction and the company that used the services of the vendor sends payment to the vendor (by decreasing the cash account) and acknowledges that the debt is paid (by reducing the accounts payable liability). The vendor receives payment in the mail (by increasing the cash asset account) and acknowledges that the debt is paid (by reducing the accounts receivable asset). The key difference is which party is providing the cash flow. For a cash payment, the transaction is best for the vendor because they are receiving cash immediately. For an AP transaction, the service user is better because they held onto cash for some period of time.
What organization passes down the business rules for executing the year end close tasks?
GAO
How do you buy passes for your equestrian center?
You don't buy passes for your equestrian center. You buy passes for your account, and then you can use those passes for your equestrian center.
How do you get to pegusus account on Howrse?
You can get the peaguas account buy going to profile then passes. You scroll down and find "peaguas account" then you press become member,but you need 3 passes for one month.
What happens to the money in an account when the owner passes away?
It passes to the deceased's estate upon proof of death.
Where do you find the pegasus page on the game howrse?
Well if you have a pegasus account, you only have to click on the helmet with wings on the top of the page. If you don't, you go to the passes page and it is in there also with the passes. You need to spend passes for the pegasus account so that is why they put it in their too.
If your name is on a checking account with someone else and she passes what happens to the balance on the checking account?
It depends on your relationship to the deceased and if there was a will.
What is joint account?
A joint account generally is an account with survivorship rights. That means when one owner dies full ownership passes automatically to the surviving owner.
How do you get your favorite to show up on your page on howrse?
You have to buy a Pegasus Account for 3 passes.
How do you access the pegasus account on howrse?
you can get it free in a UFO or you can pay for it with passes on the passes page My username is leopard girl on the game message me if you need any help
What happens if you have a joint account and one of the parties dies?
Full ownership of a joint account passes to the surviving joint owner unless the joint account was set up for purposes of convenience only and the account is otherwise devised in a will.
What does may the best of your todays be the worst of your tomorrows mean?
It is a wish that your life will continue to become happier as time passes.
Does using and or or' in the wording of the ownership of bank account make a difference when one owner dies?
Generally, either word will create a joint account. The balance of the account passes to the survivor and bypasses probate.
How is a joint banking account of an unmarried couple in the state of Indiana liquidated when one joint account owner passes away?
The surviving joint owner is the sole owner of the account and can maintain it or close it. That is the reason for having a joint account.
