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If you are given a life estate and you need to sell it and you are entitled to a third of the profit can you reimburse yourself from the estate all of your expenses while you lived there?
Wiki User
∙ 16y ago
A life estate is not an inheritance as such as you are merely permitted to use it for the rest of your life and have no ownership to it if you decide to give up your rights to the life estate and the respective heirs to it decide to sell it then you are entitled to receive one third of any profits gained from the sale and may not reimburse yourself of any costs you incurred whilst you were permitted to live there as it has never ben owned or part owned by you.
Wiki User
∙ 16y ago
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What tax credits can i claim from an estate I was administrator of?
There are not likely to be any tax credits. The estate should reimburse you for your time and expenses.
How do you get back expenses for settling a dead guy estate for the family?
The appointed executor of an estate is entitled to compensation, usually set by law in most states and jurisdictions.
Can an executor reimburse a beneficiary for funeral costs?
Most wills have a provision providing for payment of funeral expenses out of the proceeds of the estate. Check the deceased's will to see if this indeed is the case. If so, a beneficiary (or any other person for that matter) who pays the funeral expenses should be reimbursed. As a side note, the expenses associated with the funeral are usually deductible expenses when filing the estate's inheritance tax return. Check with either an estate attorney or the register of wills (or Orphan's Court) of the county where the will was probated (or will be probated). You should be able to get the answers you need from the register of wills.
Collecting Funeral expenses?
You can pay funeral expenses out of an estate. You are allowed to be reimbursed for these expenses when the estate is being settled.
Can you as a child be held responsible for parents debts after death?
In most cases the debts of the deceased, including funeral expenses, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
If an heir of an estate dies who is entitled to that portion of the money?
If an heir of an estate dies who entitled to that portion of the money?
How do you get reimbursed from an estate for funeral expenses?
sell the estate cover the expenses then buy it back with a parcial loan
What expenses can be claimed as an executor of an estate?
Reasonable expenses can be charged to the estate. The executor can also receive payment.
Is your spouse entitled to half of your estate?
Typically your spouse will be entitled to at least half the estate, even if the will says otherwise.
Can an unpaid executor get paid for gasoline expenses?
As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.As long as the executor has been duly appointed by the probate court they can charge the expenses associated with the handling of the estate to the estate and get reimbursed from any estate assets.
Is the estate of the deceased responsible for funeral expenses in NY State?
Yes, funeral expenses are a valid debt to the estate. The estate has to pay off the debts including funeral expenses. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Can you request a validation of debt for a deceased parent?
There should be no reason that the executor can't request validation. In most cases the debts of the deceased, including funeral expenses, are the responsibility of the estate. The estate, or its beneficiary should reimburse any valid debtors before giving any of the assets away. Consult a probate attorney in your jurisdiction for help.
