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Are annuities part of an estate?
With a properly named beneficiary, the death proceeds of an annuity are outside of the estate and transfer directly to the heirs avoiding probate.
Is money from the sale of property part of the estate?
If the property was part of the estate then the proceeds are also part of the estate.
Are annuities with named beneficiary considered part of the estate at death And is the executor entitled to a commission on that annuity?
No. When the decedent arranged for an account to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.For computation of tax purposes, the proceeds are counted in the gross estate. However, most estates in the US do not reach the threshold for paying an estate tax.
After death can beneficiaries liquidate annuities?
The only person who can deal with the estate is the deceased's executor.However, if the decedent arranged for an annuity to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.
If a deceased person has a beneficiary on their CD's is that money considered part of the estate?
No. When the decedent arranges for an account to pass to a named beneficiary on death the proceeds pass directly to the beneficiary upon the death of the decedent. Those proceeds are not a probate asset and this are not part of the probate estate.For computation of tax purposes, the proceeds are counted in the gross estate. However, most estates in the US do not reach the threshold for paying an estate tax.
Will the life insurance policies also be part of the probate file?
Generally, no. Life insurance proceeds are paid directly to the beneficiary of the policy, if that person is living at the time of the insured's death. If a contingent beneficiary is named, the proceeds are paid to him/her. If the policy specifies that the proceeds are to be paid to the estate of the insured, or if none of the named beneficiaries are living upon the insured's death, proceeds will be paid to the estate. In that event, they become part of the Estate. If the law of the State in which the insured died requires a probate proceeding (usually depending upon the size of the estate), the life insurance proceeds would pass through the estate.
When there is no beneficiary listed on a life policy do the proceeds go to the estate?
Yes. The proceeds will become part of the taxable estate.
Is a CD part of the estate?
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.
Can the parents of a married son file a medical malpractice lawsuit on his death if the wife does or does not file. I failed to mention only son with three grandchildren 11-18yoa in Ohio?
It is possible. This answer first depends on the laws of the state which has jurisdiction over the suit. It then depends on the type of lawsuit it is. Typically, medical malpractice resulting in death is a Wrongful Death action. A Wrongful Death action exists to compensate the dependents of the decedent for the loss of income they would have received during their dependency on the decedent had the death not occurred. The parents of a married son are not dependents, therefore they suffered no loss therefore they have no standing to file a Wrongful Death action. Proceeds of a Wrongful Death action are not payable to the estate of the decedent. However, along with most Wrongful Death actions is what is called a Survivor Action. The Survivor Action is for compensation for the decedent's pain and suffering as a result of the malpractice. Had the decent lived, he would have the right to sue for pain and suffering to compensate him for that. The death of the person does not alter the fact that that action exists, otherwise the doctor would almost be better off if the patient dies than if he lived. The Survivor Action does not die with the decedent. The proceeds of the Survivor Action DO become part of the estate and are available for distribution to the intestate heirs or to the beneficiaries under the will. In the event that the parents are the sole beneficiaries under the will, they would be the ones entitled to the Survivor Action proceeds. The wife would have no standing to bring the action and perhaps not interest in it either. In that situation, the parents could bring a Survivor Action only; but the point is they could file "a lawsuit". In the event that the decedent died without a will, the proceeds would again go to the estate and be distributed to his heirs. Many state laws have provisions that if a person dies with a spouse but no children, then the decedent's parents might also receive part of the estate along with the spouse. Once again, if the wife decides against filing, and if the parents would be entitled to a part of the estate, then they would have standing to file a Survivor Action lawsuit to at least recover their share of the proceeds.
Is Life Estate part of the deceased's estate?
If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.
Is life insurance considered part of a decedent's estate and are the proceeds taxable?
There are several factors to consider when determining if life insurance is part of a decedent's probate estate and whether the proceeds are taxable in the US. Taxation of estates is an extremely complex area of law. You should always consult with an attorney and tax expert for advice regarding tax issues.Generally and briefly:If the decedent owned the policy on his/her own life, the insurance proceeds will be a part of the taxable estate (gross estate). However, most estates no longer reach the threshold of taxability regarding the federal estate tax. (If the policy was owned by someone other than the decedent, the insurance proceeds will not be part of the taxableestate.)If the decedent named a beneficiary, the proceeds will be paid directly to the beneficiary, bypassing probate (but remember as stated above the proceeds are considered part of the taxable estate). The proceeds are generally not taxable to the beneficiary.If the decedent did not name a beneficiary, the proceeds will become part of the estate and as such, vulnerable to creditors. The proceeds will be distributed according to the terms of the will or by the laws of intestacy if there is no will.
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
