You should only have coverage on your homeowners insurance policy to cover the REPLACEMENT COST of the house. Market value incudes inflation as well as the land. These items are not covered in the policy.AnswerWe own two houses, one in a small town in western Kansas and the other in a small city in central Kansas. If they were both in the same location, they would probably be valued approximately equally, but in the small town that would be $45 - 50 thousand while in the city either would bring almost twice as much. However, the insurance on each is about $75 thousand, which is the insurance company's estimated cost to rebuild a similar home.
Yes you should increase your your insurance coverage for replacement value at least. Some policies have platinum policies which are 110% of replacement value. The coverage is for the physical home. Most homeowners insurance policies include an escalation clause that will increase the coverage on your home periodically. This will occur due to rising supply building costs as well as labor. Both contribute to home costs that must be considered.
Your real estate tax can increase whenever one of four things happens: (1) your real estate assessment increases (usually a result of increased market value of real estate); (2) the taxing agencies increase the real estate tax rates that are levied against real estate assessments; (3) you no longer qualify for an assessment or real estate tax abatement, deferral, or exemption; and (4) changes in real estate tax laws or sunset legislation no longer allows assessment or real estate tax caps to apply. A combination of one or more of these can also occur. For example, real estate assessments can decline as a result of weakness in the real estate market but tax rates increase so that the actual amount of real estate taxes you pay will be more than the previous year.
In the United States, what is known as estate tax is imposed upon the taxable estate of a person when they die. A substantial amount of property can be left to someone tax free, so in a lot of circumstances, there is no estate tax to pay. In 2013, the personal allowance is $5.25 million. This amount is likely to increase over the years, as it's subject to inflation.
No. You will have to use the 1040 tax form along with schedule L of the 1040 tax form for this purpose if you would like to increase your standard deduction amount and decrease your federal income tax liability by using the limited amount of any property (real estate taxes) taxes that you paid during the previous tax year.
== == There is no "income tax" on gifts in the USA, so you can give any amount you want. However, when you die, the estate taxes owed will be increased by the amount by which you exceeded your life-time gift tax exemption (gave away too much, currently well over a million dollars), not including the annual exclusion, per person, which is presently around $11,000. You can give up to $11,000 per child (or to anyone else) per year. If you are married, your spouse can do the same thus increasing the annual gift to $22,000 to that same person. Beyond that amount, your estate will be responsible for the taxes, if you're lucky enough to die with a taxable estate and gave non-exempt gifts over a million dollars. The amount changes from time to time, so check with your accountant or estate planner.
The executor is, by law, entitled to be paid for their time. The rate is often set by law and the probate judge has to approve the distribution. If they have properly documented their time, it is reasonable to bill the estate and collect it. This amount is separate from the amount they are to receive from the estate.
Administration fees are not universal. You need to call around your area and inquire. The cost varies according to the complexity and the amount of assets in the estate.Administration fees are not universal. You need to call around your area and inquire. The cost varies according to the complexity and the amount of assets in the estate.Administration fees are not universal. You need to call around your area and inquire. The cost varies according to the complexity and the amount of assets in the estate.Administration fees are not universal. You need to call around your area and inquire. The cost varies according to the complexity and the amount of assets in the estate.
The "estate" or the heir. But the heir's responsibility is limited to the amount of money in the estate. In other words, the heir does not become responsible for all the debts personally as if they were his own. The estate, but not the heir. The heir has no liability for the debt - the debts might only go to reduce the amount the heir might get.
The value of the estate, which includes the debts owed to it as well as the debts the estate owes, is divided up into three parts. The amount those that owe the estate money receive is off-set against the debt. If there are more debts owed by the estate then it is worth, those owing money will have to pay it to the estate.
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