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Can a beneficiary rent out estate real property and keep the proceeds to himself at the expense of other beneficiaries?
Wiki User
∙ 10y ago
If that beneficiary inherited the property by himself- yes.
If that beneficiary inherited the property along with other beneficiaries- no.
Remember that the estate must be probated if it includes real estate in order for legal title to pass to the beneficiaries.
Wiki User
∙ 10y ago
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Are taxes taken out of life insurance?
Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.
Your father named your minor daughters as beneficiaries of his life insurance Is there any way to solve this problem without the expense of setting up a financial guardianship?
Sure. Don't do it. If he does this, most likely the insurance company cannot pay the minors, nor can they pay you even for them, so what happens is that the insurance company will have to hold the money until they reach the age of majority in his state of residence. A trust or even wording the beneficiary clause to state that he names you as beneficiary for their benefit. This would allow the money to be used for them but to go through you. Remember this entitles you to be sued by them when they are grown, so keep good records on how it was spent. Tell him to pay for the trust or live until they are grown.
Are premiums on life insurance of key officers a permanent difference?
Life insurance premium expense when the corporation is the beneficiary is a permanent difference. It is deducted for book income but not for taxable income. And the proceeds received on such policies result in a book gain but are not taxable.
Can one of two executors purchase the home and land from the beneficiaries with his inheritance before the estate is settled?
Yes, the administrator of an estate may purchase a home from the estate; however, that type of transaction is inherently a conflict of interest and would have to be approved by all beneficiaries having an interest in the property or by the probate court. Obviously a person buying a house wants to pay as little as possible to buy a house; but, the administrator has a fiduciary duty to receive as much as possible when selling the house. Usually, the administrator gets the consent of all beneficiaries to the transaction. They agree in advance that the sale price is satisfactory and that they have no objection to the administrator buying the house at that price. Sometimes administrators are required to apply to the probate court for the authority to sell the house and for permission to buy it. The administrator would have to prove to the court that the transaction is fair and above board. The beneficiaries would have an opportunity to raise objections if they object to the purchase price. If the administrator has no ownership interest in the property, he cannot force the beneficiaries to sell the house to him/her.
What types of property that can be manage by property manager?
Pretty well anything that's sufficiently large in size and revenue to warrant the expense. It's commonly applied to apartment buildings and portfolios, but it's often used to manage an estate for the beneficiaries of a significant assembly of residential and commercial properties.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
Is an interior door an expense or improvement on a rental property?
Expense - rouine maintenance and upkeep.
Is expense decreases owner's equity?
no if the owner expense money on his property it w'll increase the value not decrease (shaista)
If parent dies intestate and no court admin assigned can one of the beneficiaries file probate at the expense of the estate?
Yes. Any interested party can file a petition for administration of the estate in order to distribute the decedent's property to her heirs-at-law. You should consult with an attorney who specializes in probate law.
What is occupancy expense?
Occupancy expense. Expense relating to the use of property. Examples: rent, heat, light, depreciation, upkeep, and general care of premises occupied.
In which chart of accounts does property tax belong?
Property Tax goes in the Expense section of the Chart of Accounts
Are proceeds from life insurance policy on key employees taxable?
If the policy was paid for with after-tax dollars, the proceeds would not be taxable. If the business took a tax deduction for the policy premiums as a business expense, a tax may be incurred on the death benefit.
