0
What else can I help you with?
If an individual gives property either real or personal to a beneficiary the beneficiary must pay an inheritance tax?
fiscal
If an individual gives property either real or personal to a beneficiary (heir) the beneficiary must pay an inheritance tax.?
Inheritance tax is typically paid by the beneficiary on the value of the inherited property above a certain threshold set by the tax authorities. The tax rate and threshold vary by jurisdiction. It's important to consult with a tax professional or lawyer to understand the specific rules and exemptions that may apply in your situation.
What is a donee?
A donee is the person or entity to which a thing is given. A donor is the person or entity who gives it.
Can someone collect funds from somebody's inheritance that claims to be representing that individual?
No, not unless the individual who is trying to collect the funds has some document that gives them the legal authority to act for the beneficiary. That document is most often a Power of Attorney. However, if the executor has the slightest doubt as to the authority of the person who is trying to collect the funds, she/he should insist on dealing with the beneficiary directly. Distributing funds to the wrong party would create liability on the part of the court appointed executor. You should consult with the attorney who is handling the estate.
Can a beneficiary be under age 18?
First, there is no minimum age for a person to be a beneficiary; however you must understand there is a distinction between ownership and possession of property. There is no minimum age for a person to own property; however the beneficiary must be an adult to be able to possess it. If a will gives property to two children, one under 18, the other over 18, they both have ownership, but only the adult is entitled to ownership at that time. If the beneficiary is under 18, the property he or she gets must be turned over to a duly appointed guardian or parent according to the laws of that state for safekeeping. When the minor becomes andult, the guardian/parent must turn over possession.
How can someone claim his right of inheritance?
This question deems the question of "right of inheritance." If an estate document gives an inheritance to someone then they are entitled to that inheritance by virtue of estate law. If this has not taken place an individual can contest the will by virtue of not receiving and inheritance that is mentioned in the estate documents. However is someone is omitted from an inheritance only the court can determine if an individual has a right to an inheritance. In order to determine this one must contest the will in the county where the deceased resided and await a hearing to determine if the contesting has any merit. Individuals have the right to leave an inheritance to anyone they choose and omit anyone they choose. Sometimes being omitted was done in error which by contesting may rectify the situation.
Does an inheritance have to be shared with a spouse?
In many jurisdictions there is a concept called "non-marital property" meaning that if property comes to you by inheritance, then unless you do something that gives your spouse some "equities" or rights in it, no, it does not have to be "shared" and can remain yours alone. In some jurisdictions that concept has been outmoded, or has very weak rules about what it means to do something that gives your spouse rights in the property, and everything is fair game. If you're not sure it's time to check out your state's laws or ask a lawyer who knows or can research the laws of the state that will govern your rights in the property and what you can and can not do with it without jeopardizing your separate rights in it.
What are the rights of cosigner of inheriting when the primary dies?
Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.
Can an executor place a house for rent that is still in probate?
This question has two potential answers depending upon whether the executor is the one renting the property or the beneficiary designated to receive it under the will is renting the property. If you mean rented by the executor, it may be at any time as soon as the will is probated and an executor is appointed to act. (Or an administrator if there is no will.) Most states have a statute taken from the Uniform Probate Code that gives the executor possession and control over every asset of the estate during administration of the estate even to the exclusion of beneficiarires who are designated to receive the property. During administration only the executor may rent it out, but the executor retains the discretion to decide if renting it is beneficial to the estate. Thus, even though an executor has the power to rent it out, he or she does not have to do so and cannot be forced to do do by a beneficiary unless a court orders it. If you mean rented by the ultimate beneficiary, the beneficiary cannot rent it out until the executor formally transfers the property from the estate to the beneficiary even if the will explicitly gives the house to that beneficiary. Once it is transferred, it is no longer part of the estate and the executor has no legal right to possession or control, therefore no right to rent it out or refuse to rent it out. The transfer to the beneficiary might have to wait until final settlement of the estate just to make sure that it does not have to be sold to pay for debts or expenses. On the other hand, if an executor is reasonably certain that it is not needed for that, the executor may in his discretion transfer the property before finalizing the estate. I believe it is best to transfer the house as quickly as possible during administration as long as it is clear that there are sufficient liquid assets to pay for everything. That way the executor is no longer responsible for the safety of the asset and he or she has a happy beneficiary.
In what way does the patent system help society solve an externality problem?
it gives the individual (or firm) with patent protection a property right over its invention.
If I am named the beneficiary of an irrevocable trust do I have any control over any of the assets in the trust?
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
How do you relinquish rights to inheritance?
The answer depends on the laes of the state where the will is probated. Generally, a person can relinquish rights to inheritance at any time during the decedent's lifetime or within a fairly short statutory period after the person's death. During the lifetime, a person can make a writing that specifically gives up the right to inherit. A verbal relinquishment may or may not be valid. After death, a beneficiary or heir can "disclaim" any part of or all of his/her inheritance. The disclaiming process is usually governed by statute and will be effective only if the statutory requirements are met. One of the most important requirements will be filing the written disclaimer within the period of time fixed by statute. For example, in New Jersey, the disclaimer must be filed within 9 months of the date the property vests in the person disclaiming
