0
Can a person gift assets prior to death in NY State to exclude other heirs from inheritance?
Wiki User
∙ 12y ago
It is entirely possible to do so. But there are time limits that the gifts have to be given at least 2 years prior to death, otherwise the executor can call the assets back to the estate.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
In an equitable distribution state is an inheritance received during the marriage considered the sole property of the person that inherited it?
As long as the inheritance is kept separate and apart from the marital assets, an inheritance by one spouse is considered the sole property of the inheriting spouse in an equitable distribution state. If the inheritance is devoted to the so-called "marital pot" by co-mingling it with other assets, it loses its separate identity and becomes just another asset of the marriage subject to equitable distribution.
Can a person on medicare in New York State collect an inheritance without it affecting their medicare status?
Medicare does not "means test" one's income or assets. However, Medicaid does.
Who decides your inheritance?
Your inheritance is typically determined by the will of the deceased person. They may specify in their will who will receive their assets and how they will be distributed. If there is no will, the laws of the jurisdiction in which the deceased person lived will determine how the inheritance is allocated among their heirs.
What are the Inheritance laws in California?
If there is a will, the will be followed. In the event that a will has not been made, assets are passed equally among children, parents, siblings, spouse, and grandparents, if no relatives are found, the assets go to the state.
In North Carolina is a spouse entitled to a portion of the other spouse's inheritance?
In general, no. First, North Carolina is not a community property state. Second, in general, inheritance remains separate property, even in community property states, unless the inheriting spouse commingles the assets (mixes the inheritance in with community assets; for example, deposits the money into a joint checking account).
Who will get the assets of a deceased parents if children are underage and there is no will and testament in state of Florida?
The state will open the estate. The assets will go into a trust for the use of the children. The state will appoint a trustee for the assets and a guardian for the children. They may be the same person.
Is an inheritance community property?
If your wife inherited her assets before you all got married then you are not entitled to them. If she got it after you all got married, the law is determined by your state.
Is the inheritance tax on stocks based on the value of the date of the deceased?
The date of valuation is determined by the executor. The rules allow them to choose a date for the value. They have to state the date and use it for all the assets.
How much do South Carolina Tax on 100000 inheritance?
South Carolina does not have an inheritance tax, so the answer is 'zero'. But if the person leaving you an inheritance had this money in another State or nation and was subject to taxation there, that other state or nation may impose inheritance tax if it has it. US Federal taxes will only apply for estates worth well over $ 5 million.
How do you find out if you are entitled to an inheritance if both children died and only the grandchildren are alive?
Contact the probate court in the state and county where the deceased person resided for assistance. After probate for an estate has been concluded the information including the Will becomes public record. Executors, executrixs, administrators of estates must contact all the persons named in a Will or who are included in a share of the assets or property by probate succession laws. If the person cannot be found then their share of assets or property will be held for the time required under the state probate laws.
What rule is regarding state taxes and revenue that is not true?
states cannot impose taxes on a person's income and inheritance.
Can you collect a debt when the person is deceased and has no assets in the state of Ohio?
You can apply to the estate for your money. If there are no assets in the estate, you aren't going to be successful. Consult an attorney in your jurisdiction for help.
