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Initial AUC stands for Asset Under Construction in Real Estate...
RA 4917 pertains to the non taxability of retirement benefits established for individuals which are not subject to levy or execution other than unpaid payments to the said retirement fund or to answer for criminal liability. The said amount is included in the provisions of "exclusions from gross income" under the national internal revenue code and is likewise treated as a deduction from the gross estate of the decedent, provided that the same was included in the "gross estate" of the deceased. In Section 86 (A)7 of the NIRC it is provided that: (7) Amount Received by Heirs Under Republic Act No. 4917. - Any amount received by the heirs from the decedent-employee as a consequence of death of the decedent - employee in accordance with Republic Act No. 4917: Provided, That such amount is included in the gross estate of the decedent.
Yes. Any assets not specifically devised will pass under the residuary clause as well as any assets that come into the estate after the death of the testator such as a judgment award.
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
Leasehold improvements are covered in the Lease. More specifically what is allowed and what is not. As long as the Asphalt removal is allowed under the lease, disposal will be allowed or what must be done with it will be detailed.
Installment sales are sales of goods under a definite schedule of payments, which involve a specified cash outlay as a down payment with the balance payable in agreed upon periodic installments
Installment sales are sales of goods under a definite schedule of payments, which involve a specified cash outlay as a down payment with the balance payable in agreed upon periodic installments
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.
She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.
under zambian law the administrator is only allowed to collect the property of the estate and distribute to the beneficiaries after paying debt and other creditors.
Someone must petition the probate court to have the will allowed and to appoint an executor. The executor will have the authority to settle the estate according to the terms of the will under the supervision of the court.
If there is a will the named executor must submit the will to probate and petition for appointment as the Executor. If there is no will then a qualified person (family member) must petition for appointment as the Administrator of the estate. When the petitions are 'allowed' the estate comes under the control and supervision of the probate court.
If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.
Yes, the executor of the estate may do what they can to insure the value of the estate doesn't lose value. But the estate will need to file a tax return for the rental income.
A real estate "agent" is licensed to practice real estate, but only under the direct supervision of a broker. Without a broker to oversee their activities and take responsibility for their actions a real estate agent is not allowed to practice. There is a trick of language here though, and it has to do with Agency Law. By law, an agent is a person who acts on behalf of someone else. A real estate broker is also called a real estate agent. This is because they are acting as an agent for the buyer or seller in a transaction. So the broker has the legal title of "broker" generally and the title of agent in relation to his or her client. A real estate agent working under a broker is an agent only to the broker, the broker is agent to the client.
Real Estate property manager roles are defined by who has hired them. under normal circumstances that role is to market the property for occupancy, screen potential applicants, prepare leases and other agreements, collect payments monthly, answer complaints and repair requests from tenants. They should also monitor and manage the condition of the property.
Richard C. Barry has written: 'Drafting estate plans under the new MUPC' -- subject(s): Estate planning, Massachusetts 'Drafting estate plans under the new MUPC' -- subject(s): Estate planning, Massachusetts