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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Why do you have to pay Federal Income Tax on an annuity you received after your father's death?
The money you receive from the annuity is income. All income is supposed to be reported and taxes paid on it.
It depends upon where that money came from in your fathers estate. If this annuity came from your fathers annuity which was established from IRA or a 401K which had never paid taxes on -then the annuity now needs to pay the taxes.
If the annuity came from life insurance then their is no taxes to pay. If the annuity came from prepaid tax money there would be no taxes to pay. etc.
Yes. Payment of debts takes priority over other bequests. In most cases, the second requirement of a will says to pay all debts including taxes (the first being to pay for funeral and medical expenses.).
How do you protect your assets from a lawsuit?
Liability insurance. An irrevocable trust made with the help of an attorney.
What is the best way to distribute an estate if all named beneficiaries are deceased?
It would be distributed according to the state's probate laws.
Your Brother died single no will can estate be settled out of court?
No. In order to settle an estate, the court has to validate it. It can be done fairly quickly, and fairly cheaply, depending on the assets. A family member with a bit of reading can do most of the work in a matter of hours and then one has to wait the legally proscribed times for debts to come forward.
Is he on the deed as well? Those are two separate entities. If he is just a co-signer on the loan, you can sell at any time. If he is on the deed, you have to do an "Affidavit of heirship" process.
If you are the only surviving heir this is simple. You just have to find 2-3 people that knew your grandfather and know that he wished you to have his property.
If there is more then one or two heirs to his estate, each one will have to sign an affidavit of heirship.
Does the PAP cover representatives of the estate after the death of the named insured?
No, It will not. Unless they obtain permissive use by another person who is a named insured on the policy. It will however continue to cover any additional Named insureds for at least 30 days, after which time they will need to restructure the coverage into the new owners name by purchasinga new auto insurance policy.
If a spouse dies but leaves the property in a will to someone else what happens?
"Someone else" gets the property. The surviving spouse can certainly contest the will. And there may be specifics in the state that entitle the surviving spouse to a portion of the real property, or a life estate in real property. Consult an attorney licensed in the state in question.
Short and sweet answer? Contact your state insurance commissioner for guidance. Be ready to provide identifying information, such as social security number (it's on the policy application), address (it's on the policy application), names of insured, beneficiary, and owner (it's on the policy application). The insurance commissioner has the power to find out for you, or at least a starting point. Assuming that "holds your life insurance policy" means that you are the insured or one of the 3 actors (insured, owner, beneficiary) on the policy, you should'nt have much of a problem getting what you need. I wouldn't even worry or even mention the party that refuses to devulge the information you want. They are not part of the equation.
ANSWER
The foregoing is correct in some ways, but it does not get to the heart of the issue.
The question could suggest that the person without the policy is in fact the insured and has paid the premiums. If that is the case, he/she should check canceled checks or other payment records to see to what the premiums were paid. Too, that person should check with the insurance agent with which he/she deals for other insurances to determine if life insurance was purchased as well (many agents are dually licensed for life and health and property and casualty).
Sometimes, a loan application, such as for a mortgage, will ask for information as to insurance, because some lenders consider it to be an asset. Therefore, those kinds of documents should be checked to see if an insurer was listed.
As mentioned above, you could approach the Consumer Services division of the state's insurance regulatory authority. However, there is generally no central registry that correlates an individual with a company that issued a policy; those records are maintained within the insurance company itself.
That said, if you can show that a "fast one" may have been pulled by someone or something over which the department of insurance has jurisdiction (power), it is possible that the department could open an investigation and dig out information for you. Generally, an insurance regulator has jurisdiction over people and entities that it licenses, such as agents, adjusters, and insurance companies. However, it can also assert jurisdiction over persons who commit wrongful acts with respect to insurance transactions even if they are not licensed by the insurance regulatory authority.
If an independent executive of an estate is paid 6300 dollars does she have to pay taxes on that?
It isn't an inheritance. It is a payment for services rendered. Just like anyone else getting paid for work. (If she actually is a lawyer or accountant, or as administor she hired one, would you have any question if those payments were income to the recepient?) Taxable. I believe the estate she was managing needs to provide a 1099 too.
What do you do with savings bonds that you inherit that are in the deceased parties name?
The executor of the estate should be able to apply to cash the savings bond in and provide the money to you.
Why do you need a letter of testimentary?
My best friend passed away and has two open bank accounts. How can I close these accounts being his Power of Attorney?
Typically, the answer is yes. The final answer in each case, however, is dependent upon (a) what the terms of the trust agreement provide, and(b) the applicable state law. In addition, the amount of compensation paid from the trust for legal services sometimes is limited by state law or the terms of the trust to "reasonable compensation", which also is a term of art that varies from jurisdiction to jurisdiction. A reasonable attorney fee charged in New York City may not be reasonable if charged in El Paso. Finally, a trustee who is found to have violated its fiduciary duties may be required in some instances to reimburse the trust for legal fees paid from the trust in defense of such violation.
Can Late charges be applied to a deceased persons overdrawn account until the estate is settled?
This would probably depend on the specific laws of the state that the bank account is in. If there are no heirs, then I don't know where the bank is going to get the money to pay the charges. Most states require debts (overdrawn charges would be a debt) to be paid by the "estate". If there is no estate, and no one else who agreed to be responsible for the decedent's debts, there is probably no way the bank will be paid back. The debts die with the debtor. Again, it depends on the specific state you are in as well as the size and content of the decedent's estate and whether anyone else might be considered responsible for the decedent's debts, ie cosigner on a loan.
Do I have to pay inheritance tax if it was passed from my father to me?
We do not have inheritance tax in the United States. We do have Estate Taxes. Estate taxes should be paid by the estate and not by the one who inherited property. Depending on what year the person dies, and what the value of the estate is at the time of death determines whether or not an Estate Tax Return must be filed and if such tax is due. You need to see a tax preparer qualified in such matters to determine if this type of return is needed to be filed or not.
You will have to check the deed to the property. If they are listed as Joint Owners with Right of Survivorship, no, your wife now owns the property. If they are listed as Tenants in Common, yes. That means that each of them owned half the house. They certainly can put a lien on it. Consult an attorney in your area for specifics.
The executor or the beneficiaries of the estate have the option of refinancing the loan and paying off the existing note, allowing the note to go into default in which case the lending institution will take over the house and sell it at auction or the beneficiaries may elect to sell the house. In either case, the lending institution will be paid before the title is released. Many people have mortgage insurance that pays off the mortgage but the executor of the estate should have that information so that the note can be paid. If that information was not provided, the executor may have to do a little searching to find the relevant information. All the non-exempt assets and debts that belong to the deceased will be handled according to state probate laws. Real property that is jointly titled to a married couple or titled as "JTWRS" is not subject to probate procedures and automatically passes to the surviving spouse or named joint tenants. In a "CP" state all assets and debts of a marital couple are considered owned and owed equally. The worst scenario in a "CP" state is the vehicle will be repossessed and any deficiency will be paid out of the deceased's estate or will need to be paid by the surviving spouse. It would be in the best interest of a spouse and/or family members to seek legal advice. Most attorneys offer free or minimal fee consultation to explore the legal options available. If the involved party is unsure of whom to contact all state bar associations offer a free referral service or the local legal aid society can be of help.
Do you have to pay taxes on an inheritance of 100000 or more?
Not federal, states however establish laws concerning such taxes. The interested person(s) might wish to contact the clerk of the probate court in the city or county where the deceased lived for specific information.
If the mortgage on a house is paid do you still have to take it through probate?
That depends on several factors, the main one being the state probate laws, if there was a valid will, how the property is titled, and if the deceased had any outstanding debts.
you can't you must all be in agreement or your sibling can end up suing you so don't try it it's just going to get worse The parties that wish to sell the home will need to file a motion to partition in the probate court. Contact the clerk of the probate court in the city or county where the property is located for specific information.
Can an individual with power of attorney apply for and receive a card in the principals name?
It depends upon the reasons the POA is in force. If the POA is due to a person not being able to handle their financial affairs such a transaction cannot legallt be done without permission from the court. In cases where credit is obtained using power of attorney w/o court approval, the POA holder is made a joint account holder and will be equally responsible for any debt. There is often confusion about how much legal authority someone with a POA is entitled to pertaining to the financial and personal affairs of the issuer. Any action taken by a person holding POA is subject to investigation by those agencies empowered to do so. If POA abuse is found valid the person can face numerous criminal and civil penalties as defined by the state laws.
Many people think an estate only has something to do with the death of a person. But your estate is the sum and total of everything you own at any given point in your life, from the clothes on your back, to the money in your pocket, to a car, a house, your investments, etc. During your lifetime, you can deal with any part of your estate yourself. But after the death of someone, that person's estate has to be dealt with according to the terms of the person's will or, if there is no will, by the law relating to the distribution of estates.
No, such an action does not automatically negate the necessity of probate procedure as required by the laws of the state in which said person(s) resided.
