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What else can I help you with?
If someone owes taxes a dies what happen next?
This is a very interesting question. If someone dies and owes money to the IRS, the Executor (the person who takes responsibility for the deceased person's estate) is then responsible for settling the person's debts (using the deceased person's estate, not their own money or assets). The Executor is responsible for collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims. The money in the estate must be used to pay off the person's debt. If, however, the deceased person does not have any money in the esate to be able to pay off the tax liability, the debt DOES NOT transfer to the Executor UNLESS there was a joint liability with the deceased (if the Executor is the widow or widower of the deceased, and the two had filed joint returns, the liability will be assessed to the Executor). Otherwise, the Executor will need to contact the IRS, provide a death certificate and evidence that the estate is unable to pay off the liability. The debt should then be canceled once and for all. For information on claiming a refund for a deceased person, you'll need to file a Form 1310. You can visit the following link to the IRS website for more information: http://www.irs.gov/taxtopics/tc356.html If you'd like to contact me with more tax questions, visit my website: http://www.taxreliefsolutions.com Thanks! Brent
Is a fiduciary account and an estate account the same?
A fiduciary is one who owes a duty of good faith, trust, confidence and a high standard of care in managing the property and money of another. An executor or administrator of an estate is a fiduciary. Therefore an estate account is also called a fiduciary account. The short answer to your question is yes.
What do you use for the bank account number with a direct express card?
Oh, isn't that a happy little question! When using a Direct Express card, you don't need a bank account number like you would with a traditional bank account. Your Direct Express card is like a palette full of colors, holding all your funds right there for you to use. Just swipe your card or enter the number when making a purchase, and you're all set to paint your world with financial ease.
How do you add a security question to your account?
Having a security question is a useful way to verify your ownership, should you lose access to your Facebook account or login email address. You can add a security question to your account from your Account Settings page, accessible from the Account drop-down menu at the top of any Facebook page. To add a security question, take the following steps: Click "change" in the Security Question section. In the "Question" dropdown menu, select a security question whose answer you are certain you will remember in the future. Keep your security question secret, and ensure that your answer is specific enough that it cannot be guessed easily. Carefully enter your answer to the selected question. Once you set your question, you will not be able to edit or change it. Click the "Change Security Question" button. You will then be prompted to enter your password to confirm the submission of your security question. Please note that once you have submitted your security question, the Security Question section will disappear from the Account Settings page. In order to protect your account security, it is not possible to change your account's security question once you have added one.
Differentiate between cost accounting and financial accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management.the question am asking have not been answered .because financial accounting and cost accounting is not the same nor even having the same answer .
Can you take civil action against an executor?
As long as your question is referring to the executor of a will, than the answer to your question is yes.
Are we allowed to ask executor of an estate question?
No one can prevent you from asking! The executor may decline to answer the question. And there is seldom a way to force them to answer it if the court agrees with them.
Can the executor of an estate purchase a silencer?
The executor of an estate is not granted any special privileges vis a vis firearms. If an ordinary citizen of the jurisdiction in question could legally purchase a silencer, then the executor can as well. If not, then no.
If your husband is the executor to his mother's estate do you have to sign dowry rights when he sells her condo?
No, the executor does not have an interest in the real property. He is not selling it, the estate is. If he inherits the property, then he has an interest in it and there could be dower rights involved. That is an issue that varies from state to state. It would be best to contact a local probate attorney, one who is familiar with laws in your state, to answer that question.
Can an executor of will keep the money of a beneficiary to pay a debt he feels the beneficiary is responsible for but with no proof?
Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.Generally no but you haven't included any detail. You can ask the court to review the issue and compel the executor to pay the legacy. The executor can withhold money to pay the debts of the decedent. By law, they must be paid before any distribution to the beneficiary. If the debt in question is on the decedent's credit card the executor must pay it.
I used a solicitor to get the executor to show me a statement of accounts. Does the executor have to pay the solicitor's fees?
Possibly. You should direct that question to the solicitor that you hired.Possibly. You should direct that question to the solicitor that you hired.Possibly. You should direct that question to the solicitor that you hired.Possibly. You should direct that question to the solicitor that you hired.
What if the executor is not being honest about the bills?
Your question is not clear. If you think an executor is padding bills to get more money for themselves, ask for copies and confirm the true costs with the companies on your own.
What happens in Texas when the executor of will was convicted for a felony?
This question begs another question of why was the person appointed in the first place. Perhaps they have since been convicted but that implies that the estate has been uncompleted for a long time. In any case, some other interested party should petition to have the executor removed and a new executor appointed. This situation should be handled by the attorney who is representing the estate.
If the Will contest is dropped placing the Executor as the sole Owner can they refuse to take possession and continue to act as Executor for the Deceased?
The construction of your question reveals much confusion regarding the probate process. The withdrawal of a Will contest does not make the executor the owner, it allows the court to appoint the executor. A person is not the legal executor until they have been duly appointed by the probate court. Once appointed the executor has the authority and responsibility of settling the estate without any interference by the beneficiaries.
Is the executor or executrix legally bound to execute the will as written?
Yes, the executor is legally bound to fulfill all directions in the will. If an executor has a question about the legality of some particular direction (such as scattering cremated ashes in a place where it is not allowed), the executor has the right to file an action in the probate court for what is called "advice and directions". All beneficiaries will get notice of the action and have a right to be heard for or against the issue and the court will decide what the executor is to do.
How much does the executor get paid in Kansas?
In Kansas, the executor is entitled to a fee for their services typically based on a percentage of the value of the estate. The amount of compensation can vary and is subject to agreement between the executor and the beneficiaries or approval by the court. It is recommended to review the specific details of the estate in question and consult with legal counsel for guidance.
Can a son in Missouri be executor for estate of parents in Illinois?
I can answer my own question now that I have spoken with a lawyer in Illinois. The answer is yes, I can be the executor of my parent's estate, even though I live out-of-state. Thanks for this forum.
