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Under Internal Revenue Code Section 6166, an estate can elect to pay estate tax in installments over a period of up to 15 years. The first payment is typically due nine months after the date of death, with subsequent payments made annually. However, the election can only be made if the estate meets certain criteria, such as having a closely held business. The installment payments can help ease the financial burden on the estate during the settlement process.
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What do the initials AUC stand for in Real Estate?
Initial AUC stands for Asset Under Construction in Real Estate...
What is the provision under ra no 4917 on gross estate?
RA 4917 pertains to the non taxability of retirement benefits established for individuals which are not subject to levy or execution other than unpaid payments to the said retirement fund or to answer for criminal liability. The said amount is included in the provisions of "exclusions from gross income" under the national internal revenue code and is likewise treated as a deduction from the gross estate of the decedent, provided that the same was included in the "gross estate" of the deceased. In Section 86 (A)7 of the NIRC it is provided that: (7) Amount Received by Heirs Under Republic Act No. 4917. - Any amount received by the heirs from the decedent-employee as a consequence of death of the decedent - employee in accordance with Republic Act No. 4917: Provided, That such amount is included in the gross estate of the decedent.
Would bank accounts fall under the residuray estate if they're not named to anyone in the Will?
Yes. Any assets not specifically devised will pass under the residuary clause as well as any assets that come into the estate after the death of the testator such as a judgment award.
Do family members have to pay inheritance taxes?
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
Can you destroy asphalt replaced in a leasehold improvement?
Leasehold improvements are covered in the Lease. More specifically what is allowed and what is not. As long as the Asphalt removal is allowed under the lease, disposal will be allowed or what must be done with it will be detailed.
What is installment sales fiinance?
Installment sales are sales of goods under a definite schedule of payments, which involve a specified cash outlay as a down payment with the balance payable in agreed upon periodic installments
What is installment sales finance?
Installment sales are sales of goods under a definite schedule of payments, which involve a specified cash outlay as a down payment with the balance payable in agreed upon periodic installments
What happens when the person paying the mortgage is not on the mortgage and the original mortgagor dies?
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.
Can wife assume mortgage after husband dies?
She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.She may be able to assume the payments. She needs to consult with the lender but some mortgage contracts may allow a surviving spouse to take over the payments. She should get some legal advice from the attorney who is handling the estate and who is familiar with practices in her jurisdiction.Also, you didn't mention whether she owns the property by survivorship. If not, her husband's estate must be probated in order for legal title to pass to his heirs under his Will or according to the state laws of intestacy.
Will with beneficaries but no executor?
Someone must petition the probate court to have the will allowed and to appoint an executor. The executor will have the authority to settle the estate according to the terms of the will under the supervision of the court.
Can an administrator enhance the state of the deceased?
under zambian law the administrator is only allowed to collect the property of the estate and distribute to the beneficiaries after paying debt and other creditors.
What Under an installment contract title to the property is held by?
Under an installment contract, title to the property is typically held by the seller until the buyer fulfills all payment obligations. During the term of the contract, the buyer has equitable title, allowing them to possess and use the property, while the legal title remains with the seller. Once the buyer completes the payments, the seller transfers legal title to the buyer. This arrangement helps protect the seller's interests until the full purchase price is paid.
Who places real property into probate?
If there is a will the named executor must submit the will to probate and petition for appointment as the Executor. If there is no will then a qualified person (family member) must petition for appointment as the Administrator of the estate. When the petitions are 'allowed' the estate comes under the control and supervision of the probate court.
Can an HOA prohibit an estate sale?
Read the CCR's - generally they can. If it is done differently from that of a yard/garage/jumble/tag sale it could be allowed (e.g.: private showings of the house contents by appointment while all is kept inside the house).
An estate files a litigation if won does the heir receive the money or the person filing the suit?
If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.If the suit was filed by the decedent's estate any award will be paid to the estate and will pass to the beneficiaries under the will or according to the state laws of intestacy.
My uncle has died and his house is part of the estate under probate. can we rent it out when it is still under probate?
Yes, the executor of the estate may do what they can to insure the value of the estate doesn't lose value. But the estate will need to file a tax return for the rental income.
How is a real estate broker different from a real estate agent in California?
A real estate "agent" is licensed to practice real estate, but only under the direct supervision of a broker. Without a broker to oversee their activities and take responsibility for their actions a real estate agent is not allowed to practice. There is a trick of language here though, and it has to do with Agency Law. By law, an agent is a person who acts on behalf of someone else. A real estate broker is also called a real estate agent. This is because they are acting as an agent for the buyer or seller in a transaction. So the broker has the legal title of "broker" generally and the title of agent in relation to his or her client. A real estate agent working under a broker is an agent only to the broker, the broker is agent to the client.
