Estates

You didn't say how the life estate was granted. If it is in a will it won't apply until the mother dies and the gift can be changed at any point up to that time. But you did say "3 kids own the farm" which could imply that there is a deed to the three kids with a life estate to the mother.

If it is in a deed, then it can't be "revoked" without permission of the owners - the three kids. If one of the sisters has died, then that portion goes to the heirs of that sister, again encumbered with the life estate of the mother.

So if I follow you: the deed was to your father and mother, mother is no longer married to father, new mother is not on the deed, and father died.

The divorce papers probably would have severed the first wife's title (in exchange for some other fair portion of your father's assets), as a matter of law, regardless of what the deed says. It is usually "cleaner" to file a quitclaim or release deed, but not always necessary.

Because there was no new deed naming the second wife, the wife may probably claim a statutory portion of the house as part of the estate, even if there were a will naming someone else. Because there is no will, the local laws of intestacy will apply and the surviving spouse usually has to split it with any surviving children (e.g., she gets half, the kids get the other half).

one hundred thousand pounds

Your estate pays your debts after you die. If there is not enough, tought luck for the creditors. The only way for the debt to be passed along is if there is some contractual obligation on the part of another person. Such things would be co-signing for a loan, joined owned credit cards, joint owned loans (such as a house), etc.

what is an estate tax

Generally, no. Trust law is a very complicated category of law so this question can only be addressed in very general terms. A trust is administered by a trustee. Every trust is different. A well written trust will contain a provision that directs where the trust property will go upon the death of the beneficiary and the trust will terminate. Trusts do not generally allow the trust property to become part of the beneficiary's estate. Generally the beneficiary is allowed to receive the income from the trust during their life and upon their death the trust property is distributed to their children or other family members free and clear of the trust. You would need to review the provisions of the trust to determine what happens to the trust property upon the death of the beneficiary. If there is no such provision an equity petition must be presented to the court asking for guidance. Generally the petition explains the defect in the trust and may also contain evidence concerning what the trustor intended but failed to state in the trust document. A judge will review the trust and issue a decision. A beneficiary-decedent's estate is administered by a court appointed Executor or Administrator. That is a separate proceeding and the Executor or Administrator has no authority to reach into the trust for funds to pay the debts of the decedent. In fact, the purpose of a trust is generally to protect and preserve assets.

Is an Inheritance Taxable? In most cases, an inheritance is not taxable to you, but there are exceptions At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you. If you are not sure if something was included in the decedent's taxable income, you should check with the administrator or attorney handling the estate to advise you what portion of the income earned on these assets should be included on your personal tax return. You may get a Schedule K-1 for items that are allocated to you from the estate. Be sure to inform your tax preparer of any income you receive from an inheritance because, although in most cases there is no income tax liability, there are some exceptions. If you inherit a pension or IRA, you must pay tax on the amounts you receive just as the decedent would have been required to do during his life. Only the spouse of a decedent can roll over these types of funds tax free into a plan in her name and treat it as her own. If you inherit a pension plan or IRA, contact your tax professional as soon as possible to discuss your options regarding the withdrawal of the money. Savings bonds can also be treated in several different ways, so be sure to provide any information from the estate to you tax preparer. Have you ever heard of the term "stepped-up basis?" This means that your investment in inherited property is considered to be the value as of the date of death. When you sell property that you inherit, you only pay tax on the difference between the amount you sold it for and the value of the property as of the date of death (or six months thereafter, as determined by the administrator of the estate). There can also be a loss if you sell the property for less than this date-of-death value. Your tax professional will need to know the date-of-death value to determine the gain or loss. The administrator or the attorney should be able to provide you with the value of the property so that you can correctly report the sale.

no

No, it would generally be the estate that would have to settle the debts of the recently deceased. However, if the adult children are the heirs, then it would be in their best interests to help the executor repel or challenge any claims made on the estate, leaving more for them to divide.

A custodian helps clean ups or takes care of something or someone. Most of them are in schools.

If your "land trust" is a separate legal entity, then it would not have a "death" and the stepped-up basis would not apply because you no longer own the property.

You might check this out with an attorney, but chances are if a person is not specifically named in someones will, they get absolutely nothing. They may be able to contest the will in a court of law, but those proceedings will most likely eat up any and all inheritance monies and make the lawyers richer.

==Additional Information== In some jurisdictions a child not specifically omitted in a will may have rights to a statutory portion of the estate. In that case it is assumed that the child was simply forgotten. That's why good form dictates that when the testator intentionally omits to provide for a child that intention is specifically mentioned in the will.

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If your mother granted her husband a life estate in her will the language of the grant would need to be examined for any limitations. If there was no provision made for the life estate to expire upon his remarriage then it lasts for the duration of his life.

Mortgage is a contract between the lender and the borrower that allows an individual to borrow money from a lender for the purchase of housing. Hypothecation is a charge that is created for assets that are moveable such as vehicles, stocks, debtors.

I do not know the fine points of the law. However, it seems to me that the logical thing to do is to pay off the credit card and any other debt that your mother incurred. You can contact the credit card company and ask. You may need to send them a copy of her death certificate.

Not sure what the 'rights to the house' would have to do with this? Are you saying because you were divorced and you got the house does that also entitle you to his life insurance? I would think no unless you were the beneficiary.

The beneficiary may usually be paid within 10-21 days after the insurance company has determined there is no fraud and the insurance payment is due as per the terms and conditions of the life insurance policy, and all necessary paperwork is in to them. The life insurance company usually requires the death certificate when making your claim. Make sure to review the "How to Make a Claim" section of the life insurance policy and contact the insurance company regarding what is necessary and who to send all pertinent information to in order to make your claim. If the claim is not paid in a timely manner, contact the insurance company and your insurance agent to follow-up. Also, you may want to contact the Department of Insurance in your state if you do not receive the Life Insurance Proceeds.

i would call a few lawyers right away, most usually give a free, brief consultation on the phone...call more than one, to make sure you get the kind of information you want, (you may have to ask the first lawyer what kind of lawyer you need, as they specialize in different areas, or scan the yellow pages for mention of 'insurance-related' cases)...or call legal aid (see the govenment pages of your phone book, may be under a different name, try 'justice' or 'law'). there may be a 'consumer protection' listing in your government pages as well, where they could help you find out what to do in case of an insurance company trying to defraud the beneficiary of the policy...this happens fairly often...

here is the website for a Canadian insurance lawyer;

http://casselsbrock.com/profiledetail.asp?Sid=66

What is the difference between credit shelter trust and irrevocable trust?

you took a loan to finace the car from the dealer- the bank holds the title to your car- you are the owner and respondsilbe to pay the loan or the bank or fiance companmy can reposses your car

The terms operating theatre and operating room refer to the same thing. Operating room is the term used in the United States, but 'theatre' is used in Britain.