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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Yes. Property held as tenants by the entirety becomes the sole property of the surviving spouse bypassing probate. It can be sold by the surviving spouse.
Are heirs responsible for medical bills in Nevada?
It is not the heirs, but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone will not get paid and the heirs may get nothing.
What does life estate mean in pa law?
my mother (82 years of age) has entered into a life estate several years ago with her four children as heirs. My question is that if it should become necessary for her to enter a nursing home, is the home or any portion of it considered her asset that can be "spent down" or otherwise tapped prior to her being elibible for medicaid funding should she outlive her other assets? Thank you.
What is a reasonable fee for being a guardian to a family member?
The fee for serving as a guardian is fixed by the laws of the state where the guardian was appointed. They are usually a percentage of the value of the incapacitated person's assets together with a percentage of the income those assets generate after the guardian is appointed. Different states have different rates and methods of determing what is part of the person's assets and income on which to take the percentages, so you must refer to the appropriate state laws for an answer.
What is a in trust for account?
When money or funds are in trust in an account, they are typically being held for one party and handled by another. It is a way to control and convey assets for a third-party owner.
What percentage of tax do you pay on an 800000 dollar inheritance?
taxes on lottery winning of 800,000 in the state of WA
Can the spouse claim inheritence off me?
Your wife has the right to a share in your estate under most, if not all, state laws in the United States. Under those laws, even if you make a will and leave your estate to other beneficiaries your surviving spouse has the legal right to claim at least a third of your estate in most jurisdictions.
Is it executor under the Will or Executor of the Estate?
Not all wills name an executor. If an executor is named in the will they must submit the will to probate for allowance and petition for appointment as the executor. In that case they will be both the executor under the will and the executor of the estate once appointed.
In some cases, the named executor has died. In that case the court must appoint another person to act as executor. In some cases the executor named in the will declines the appointment. In that case the court will appoint an alternate. Either of these executors can be referred to as executors under the will and they are both executors of the estate. It may simply be a matter of style.
Some may acknowledge a distinction that a person who is executor under the will has not been officially appointed by the court and the executor of the estate has been appointed by the court and Letters Testamentary have been issued making the appointment official.
That is the option of the executrix. They don't have to get permission from every heir to manage the estate.
When does an heir need legal advice when father dies with no will?
If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.
If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.
If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.
If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.
What if the property is in a trust and I am the beneficiary of that trust?
Under UK Law:
The trustee's must authorise the release of the property to the beneficiary(s)
The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary.
IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
The siblings are the legal owners of the property so they would be legally liable. For example, if someone was injured on the property they would sue the legal owners. If the property taxes were not paid the legal owners would be liable and the property would be taken as against the legal owners.
If an heir is a minor, any inheritance due to that minor will be paid to the minor's legal guardian, who will turn it over to the minor upon becoming an adult. Different states have different laws and there may be many variations on this general rule, so knowing the state law is a must. As an example, in New Jersey, a parent is not considered the legal guardian of his or her minor child for purposes of taking care of the child's money, unless the inheritance is in an amount that is less than $5000. The parent must be formally appointed as legal guardian and have to post a surety bond before receiving the child's inheritance. If the law of the state requires appointment of a legal guardian in such a case, the administrator of the estate will not distribute the inheritance until proof of proper appointment is provided.
A life estate expires when the life tenant dies. A life tenant doesn't own the property, it doesn't become part of their estate and therefore they cannot leave it to their heirs in their will. When a life estate is set up in a deed or will there is also a 'remainderman' who will own the property when the life tenant dies.
Can a lawyer refuse to talk about a will while the beneficiary is present?
The will the private business of the will writer. The lawyer should not talk about the will with anyone but the testator. To do anything else would be a breach of confidentiality.
Why would medicaid put a lien on a decedent's estate?
Yes, Medicaid frequently pays a portion of the bill for nursing home residents who have spent almost all their savings and whose monthly income does not cover the cost of care. Medicaid pays the difference between an individual's income and the cost of nursing home care. Some states have an income cap on gross income, and special income trusts must be set up to establish eligiblity in those states. Right now Medicaid is the only national program available to help pay for long-term care; Medicaid is the main source of payment for nursing homes.
If a recipient owns property that property is subject to a lien for Medical Assistance.
No you cannot cash the cheque. You would have to ask the payer to make the cheque payable to the estate of your late father. Say for example you father was Mr. Alfred Barry Charles, the cheque would have to be written in favour of 'The Estate of Mr. Alfred Barry Charles'. You would then need some type of authority from the probate court in order to cash that check.
Is an estate necessary for an indigent parent?
If by indigent you mean completely without assets, then no, an estate is not necessary. An estate is necessary if a decedent has assets that are to be transferred to another person, whether by will or intestacy. In fact, since a decedent's "estate" consist of his/her assets nd if there are no assets, there is no "estate."
No, not unless directed to by a Court to do so.
A person has a right to name -- and to exclude -- who will be beneficiaries. If I have 4 daughters, but only choose two for this role, then that is my stated wishes. The other 2 daughters have to respect what I wanted.
No. An IRA with named beneficiaries does not come under the authority of the executor of the estate because it is not a probate asset. The trustee of the account will pay it directly to the named beneficiaries. That is the purpose of naming beneficiaries.
It sounds like what you received was your portion of an inheritance. If that is the situation, based on the facts given, there is no reportable tax occurrence. For inheritances, if what is inherited would have been taxable to the deceased, an IRA for example, then it's taxable to the heirs.
Ans
Money is fungible...that is indeterminable from each other. How your brother got the money to pay you is irrelevant. He didn't pay you....the estate did. The payment from the estate is not taxable to you...estate taxes are paid by the estate.
Can someone sue an executor after the probate process is completed?
Yes, if the executor abused their authority, wasted assets, failed to follow the provisions in the will and the probate laws, failed to pay creditors or did any number of things an executor should not do or failed to do things an executor should do. An executor can be held personally liable for their misbehavior.
Can an estate be put up for sale before probate and how long does probate of the will take in NJ?
Until the Letter of Authority has been issued, the property cannot be put up for sale.
Can a general warenty deed life estate be sold?
Generally, a life estate can be sold if the buyer is fully informed as to what they are receiving. The buyer would need to take on your legal obligations (upkeep, maintenance, taxes, insurance, etc) under your life estate. Also, if you died the life estate would be extinguished and the buyer would have nothing. The most valuable aspect of a life estate is your use of it during your lifetime.
You should consult with an attorney who is familiar with your state laws that govern life estates. He/she can review your situation to determine what your options are.
How do you convert Land Trust back to Beneficiary from the Trustee?
You should contact the attorney who drafted the trust for you. Deeds should always be drafted by a professional especially deeds from a trustee. Errors made by non-professionals can be extremely costly to correct.
You should contact the attorney who drafted the trust for you. Deeds should always be drafted by a professional especially deeds from a trustee. Errors made by non-professionals can be extremely costly to correct.
You should contact the attorney who drafted the trust for you. Deeds should always be drafted by a professional especially deeds from a trustee. Errors made by non-professionals can be extremely costly to correct.
You should contact the attorney who drafted the trust for you. Deeds should always be drafted by a professional especially deeds from a trustee. Errors made by non-professionals can be extremely costly to correct.
