Taxes and Tax Preparation
Estates
Debt Responsibility
Income Taxes

Who is responsible for determining estate value at death and if any tax is due?

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2005-11-19 09:07:33
2005-11-19 09:07:33

Some people have an Executor (male) or Executrix (female) in their Will to take care of these duties. Other people have "Trust companies" that will do it as well for a fee. Both parties have to probate the Will to be sure all debts including property and personal taxes off and the residue that is left after that is the total amount of the Estate. Marcy

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They do not have that right. The executor is responsible for the property and can allow, or not allow, access to the premises. The executor has to inventory the property of the estate and value it before distributions can be made.

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Yes, there is a value. The determination of that value is a bit of a challenge. It is going to deal with actuarial tables in determining how long the individual with the life estate would live. Then the monthly value of the life estate can be determined.

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An estate is the total value of all your assets at the time of your death.

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No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.

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A will is a method of allocating the value of one's estate on death. A life estate is a right in property.

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The estate is responsible for the debts of the decedent. The property should be returned to the creditor if possible. However, if the assets cannot cover the debts the estate is declared insolvent and the creditors are out of luck.

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Yes, it will be the responsibility of the estate. No will is necessary to open an estate. North Carolina law will designate the beneficiaries, if the estate value exceeds the debts.

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Estate appraisals often happen a little while after the holder of the estate has died. There for the total worth of the estate may have changed. By getting an appraisal you are determining the fair market value and this makes it easier to distribute the proceeds to the debt holders or recipients in the will.

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They do have that ability. The property belongs to the estate and the executor is responsible for it. The purchase price must be a fair market value and may require court approval.

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There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.

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The executor of the estate is responsible. They have to inventory and value the estate. Then they have to resolve all the debts. Then they can divide the money up for the beneficiaries.

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Yes, as long as it is sold at a fair market value. If it is sold for a fraction of value, the estate may be able to pull it back into the estate as a gift.

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With regard to state taxes, it depends on the state in which you live. In some states, the death benefit from life insurance passes outside the estate and directly to the named beneficiary. So there is not tax. For federal tax The policy has a value at the time of death. That value is included in the estate,

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How is this different from determining if a value is a solution to an equation?

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The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.

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The executor is responsible for the assets of the estate. They have to inventory, value and distribute according to the will and the law.

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An individual can learn of the value of his or her estate. In order to learn the value of the estate, a real estate assessment would have to be made by a professional.

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Yes, but the value is very difficult to determine and most people don't like the risk associated with that right. Unless you are selling it to the remainderman in which your biggest difficult will be in determining value.

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They are the person responsible for managing the estate. They make an accounting to the court, collect and pay bills and value the estate. They also file tax returns. They also distribute the assets according to the will.

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The value of that CD is an asset unless Payable on Death arrangements were made with the bank when the account was opened. In that case the proceeds do not become an estate asset.

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The executor of the estate is responsible for insuring that the value of the estate is maintained. This is the purpose for setting up an estate. If there are no assets other then the house, it may have to be sold to pay her debts.

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She can only leave you what she has. If there are bills, they have to be settled before you can get anything. If the value of the debts is higher than the assets, there is nothing for you to get.

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No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.

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Retirement benefits will have beneficiaries designated. It is a contract separate from the estate and there may be no value after their death.

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The executor's fee is based on the value of the estate. Money owed is not a part of the estate, it is a claim against the estate.


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