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Is the beneficiary of an annuity responsible for paying the debts of the deceased?
Wiki User
∙ 13y ago
No. The decedent's estate is responsible for paying the debts of the decedent. Generally, an annuity with a named beneficiary is not part of the probate assets much like life insurance payable to a named beneficiary. However, the recipient of an annuity should consult a professional regarding tax issues.
Wiki User
∙ 13y ago
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What is inheritance tax?
Inheritance Tax is a tax which can arise where a beneficiary receives an inheritance as a result of someone dying. The beneficiary is responsible for paying the tax. An inheritance can be taken under a will or intestacy - or in some other way such as, for example, where an asset in the joint names of the deceased and another person is taken, on the death of the deceased, by that other person as survivor.
Are the parents of a deceased adult child with no estate responsible for paying unpaid debt?
No, if they were not joint debtor's with the deceased they are not responsible for any of his or her debts.
Is a beneficiary on any type of insurance responsible for any credit card debt?
The beneficiary is not necessarily responsible, but the estate of the deceased will go through probate. At that time, any outstanding loans or financial obligations will be paid from the estate. This will have the effect of reducing inheritance and will seem to be "you" paying for the debt, but it actually the last bill everyone pays.
What is life contingency?
Life contingency refers to the probability of certain events occurring during a person's lifetime, such as death or survival to a specific age. It is often used in actuarial science and insurance to calculate the likelihood and impact of such events on financial planning and risk management.
What are the UK laws regarding the debts of a deceased person Who pays them off?
The estate of the deceased is responsible for paying all the deceased's lawful debts.
Does the estate of a deceased person pay the taxes until probate and deed is in beneficiary name?
In general, the estate of a deceased person is responsible for paying any taxes owed until the assets are distributed to the beneficiaries. Once the probate process is completed and the property is transferred to the beneficiary's name, they would become responsible for the taxes going forward. It is important to consult with an estate attorney or tax professional for specific guidance based on your situation and jurisdiction.
Who is responsible for paying taxes of the deceased?
His estate...which is actually him continued after death for business purposes. I have received a tax levy in my deceased husband old business account from 2004 Am I responsible
Who is responsible for paying your deceased mother bills in Alabama?
Your mother's estate is responsible. If you signed the paperwork on some items, you could be held responsible.
Are adult children responsible for paying deceased parents real estate taxes?
No, the estate is responsible for the medical bills of the deceased. Only after they are resolved can the estate be closed any remainder distributed.
Can my deceased father's beneficiary who has dementia let her power of attorney not help pay for funeral expenses?
Your father's estate is responsible for paying the funeral expenses from his assets. The expenses and debts of the estate must be paid before any distribution is made to any of the beneficiaries. Therefore the funeral expenses must be paid before the beneficiary receives her portion from the estate.
Does the beneficiary of a life insurance policy have to pay for the deceased funeral cost or should the estate pay for it?
The beneficiary of a life insurance policy is not responsible for paying for the deceased's funeral cost using the money from the proceeds of the life insurance policy. The estate of the deceased is responsible for paying for the funeral cost from the proceeds of the estate.
Are daughters responsible for deceased fathers bills?
No, she should be held responsible. Typically the estate is responsible for paying the debts, including all the bills of the deceased. If the daughter has co-signed any paperwork regarding those bills, she may be held liable.
