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What else can I help you with?
Is there a gift tax if deeding house to child before death?
Yes, there could very well be a gift tax. Consult a tax attorney. And the estate could pull the property back into the estate if it is within a few years of death.
What if part of estate was sold by daughter before death?
If a person sells property prior to their death it cannot become a part of their estate. If they devised it to someone in their will the gift would lapse because the property is gone.
Can you bequeath lottery winnings in Michigan?
Are you talking about after death? The winnings would just become an asset of the estate and go to whomever is designated to receive them from the deceased. If it is before death, the money could be a one time non-taxable gift.
Can a gift with gift letter prior to death be part of the estate?
Yes, it can be brought back into the estate. Any gift given within two years can be brought back.
Can an estate gift money to beneficiaries?
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
Can you sell property to your child before death?
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.
Could gifts after death be part of the estate?
Certainly, but how is it possible to give a gift after death? The executor can also go back 2 years and collect any gifts that were given out in that period of time. This can be useful in eliminating debt.
If an aunt died in Ohio and left her house to a niece in her will but the house is in the name of a different niece of hers who would get the house?
If the house was transferred by deed before the death of the testator then it was not owned by her at the time of death and didn't become part of her estate. The gift in the will would be void.
Are wills specific on whether the gift is a life estate?
The will must be specific as to whether the gift is a life estate. If the gift is not defined as a gift for life then it will become the beneficiary's property absolute.The will must be specific as to whether the gift is a life estate. If the gift is not defined as a gift for life then it will become the beneficiary's property absolute.The will must be specific as to whether the gift is a life estate. If the gift is not defined as a gift for life then it will become the beneficiary's property absolute.The will must be specific as to whether the gift is a life estate. If the gift is not defined as a gift for life then it will become the beneficiary's property absolute.
What are the tax implications of receiving an estate gift?
Receiving an estate gift may have tax implications depending on the value of the gift and the estate tax laws in place. In the United States, estate gifts above a certain threshold are subject to estate tax. However, recipients generally do not have to pay income tax on the value of the gift they receive. It is important to consult with a tax professional to understand the specific tax implications of receiving an estate gift.
Does Arizona imposes an inheritance tax?
No. Inheritance and Estate TaxesThere is no inheritance or gift tax and the estate tax does not apply to decedents whose date of death is on or after January 1, 2006.For further information, visit the Arizona Department of Revenue web site
What is the difference between an estate tax and gift tax?
Estate has to do with when someone dies. Gift tax has to do with when someone makes a gift of larger than a certain value.
