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What else can I help you with?
How do you set up an estate account in a bank in California?
All you need is the letter of authority and a tax number. The first is issued by the probate court, the second can be applied for online with the federal government.
Is the IRS concerned about probate?
Yes, the IRS is very concerned with probate. The estate will need to file tax returns and pay the appropriate taxes.
Can you make someone probate a will?
Simply to get probate:-You must be named on the will as the executor of the will or if none is named the court will appoint an executor.You must have the original of the willYou must have the original death certifficateYou must inventory the estate is worth on the day of death.You must pay all outstanding income tax owed.You must settle all the decedent's debts to the day of death.You pay any death duties that the estate will attract and pay these to the governmentYou must fill in a government form showing all the above and present this form to the government probate office where you mus swear the accuracy of the form and pay the probate fee.The form then goes before a probate court which will grant probate after scrutinizing (and maybe challenging) what is presented.After probate is granted your job as executor is then to settle (pass out the money etc) the estate as the will directs. The probate document gives you the legal authority to do this and you will need to show it to banks, share registrars, land registry etc when you instruct them to do things with the estate.You need to keep a record of what you have done in case a beneficiary challenges what you have done.
Pertaining to a will what does pro bated mean?
Before the estate comprising a will can be passed on as set out in the will (by the executor) the exact size of the estate has to be recorded, all bills settled and all taxes due on the estate have to be payed (income tax and inheritance tax). The will (and proof that this has been done) has then to be presented to a probate court (which will keep the original will as a public record) which grants probate on the will. The probate is a document from the court formally authorizing the executor to sell property, transfer assets etc as set out in the will. The probate document is sent, along with the executors instructions to the organizations holding the assets. Without the probate document the organizations can not legally act on the executors instructions.
How do you set up an estate account to settle estate debts?
Apply to the probate court. They will issue you a letter of authority. The government will also issue a tax ID.
How do you start the probate process if there is no will?
The probate process is commenced by a petition to the probate court for some interested party to be appointed the Administrator of the estate. Each jurisdiction has its own requirements as to who is eligible to serve in that position. If the decedent owned any property you should consult with an attorney who specializes in probate law. Estates must be settled according to the law in your particular jurisdiction. Creditors must be paid first and tax returns may need to be filed. The Administrator is personally responsible for any errors made during the probate process.
Do you need a law degree to represent a person in the U.S. Tax Court?
No, you do not need a law degree to represent a person, other than yourself, in the U.S. Tax Court. However, both attorneys and non-attorneys must pass an exam administered by the Tax Court. To give you some idea about the difficulty of the exam, please read The Tax Court Exam, by Jay Starkman, on the Tax Court website: http://www.starkman.com/taxcourt/taxcourt.html If you elect to represent yourself, it is called pro se. Pro serepresentation includes filing a petition and going before the judge to present your case. You must still abide by the United States Tax Court Rules of Practice and Procedure. Please access the following link for the complete document: http://www.ustaxcourt.gov/rules.htm
How do you open estate account after death?
The executor or administrator must be appointed by the probate court. He/she will be issued Letters Testamentary or Letters of Administration then applies to the IRS using Form SS-4 to get a tax identification number for the estate. (The decedent's social security number cannot be used.) Then he/she goes to the bank and gives it one of the probate court documents that show that he/she is the executor, the tax I.D. number and a death certificate and the bank will create an estate account.
How do you cash a check written to the estate of?
If you have your letter of authorization, it shouldn't be an issue. The letter is issued by the probate court. The estate should establish a bank account. It will require a tax ID as well.
Can bankruptcy court take taxes after dismisal?
Most taxes are not discharged in bankruptcy.If the amount of your tax liabilities is not clear, the bankruptcy court cam decide how much you owe; you need not go to tax court for that.
Can a lawyer get a copy of someone elses estate tax return?
A lawyer has no magical powers to get someone else's tax return. But if you have a legitimate need to see the tax return, the lawyer can petition the probate court to get an order compelling the executor of the estate to show it to you. But it may not be necessary to go that far. If you have some legitimate need to see it, often times a letter from your your attorney can convince the executor that you are serious (or crazy) and they might decide that it's better just to show it to you.
Do you pay taxes on death benefits on an annuity?
You do. You need to speak with your tax accountant and find ways to reduce your tax burden. The upside is that the transfer of wealth within the annuity avoids probate, both the time and the cost.
