0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How long after someone dies can bill collector demand money from an Estate in Michigan?
As long as the estate as open. Typically the estate will be closed long before they have hit the statute of limitations on debt.
What happens to your money when you die?
All states have a law known as the statute of descent and distribution. When a person dies intestate(with no will), their real estate, personal property and money go to their heirs according to this statute. In other words, the state makes a will for anyone who did not do so. A person who dies testate has a will stating to whom they wish their estate to go. But, before the heirs can take possession of all or any part of the decedent's (the deceased) property, the estate must be probated, and all claims against it must be met.
How does a beneficiary know if he has to add this money to an estate?
The only reason a beneficiary would add money to an estate would be if they owed money to the estate at the death of the deceased.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
What taxes did members of third estate have to pay?
the members of the third estate had to pay money
When someone dies and they do not leave a will who gets the inheritance?
Each state or country has their own laws regarding this. They are normally called the Intestacy Statute. Typically it will leave the money to the spouse and children. If there is no heir, the estate will escheat to the government.
How did Maryland get their money?
from their crops
Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
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?
Statute of limitations owing money to Phoenix AZ municiple court?
No statute of limitation. You must pay the court.
Is a husband responsible for his wife's debt in Maryland?
In Maryland, and every other state, the estate is responsible for the debts. However, most insurance requires the insurance holder, normally the husband, to guarantee the costs. So indirectly, the spouse will pay because they will not inherit the money that went to pay the debt.
How do you divide an estate when two of three heirs owe money to the estate?
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.
