Estates

The executrix has a responsibility to keep proper records, and in England and Wales would be liable for the rest of her life for her conduct of the estate. The short answer to your question is: no.

The taxable amount of the distribution is added to all of your other gross income and taxed at your marginal tax rate.

The tax rate schedule for the marginal tax rate on taxable income starts at -0- %, 10 %, 15 %. 25 %, 28 %, 33 % and goes to the 35% maximum rate for the year 2010.

Your filing status will be needed for you to determine your marginal tax rates on your taxable income for the year.

Go to the IRS gov web site and use the search box for 2010 1040ES go to page 8 to find the rate for your filing status on your 1040 income tax return.

Signing on a note is not the same as being on the deed. She certainly has a claim on the property, particularly if she helped pay the mortgage.

For the most part, no one. A court might make some changes, but those are most likely to be as a result of judicial proceedings taken prior to death, but even that does not contemplate post-death changes.

A life insurance policy is a contract, and barring unforeseen circumstances, the insurer is obliged to pay the policy proceeds to the beneficiary(ies) named on the application for the policy when a valid claim for proceeds is presented. If the named beneficiary(ies) pre-decease the insured, the contingent beneficiary (if one has been named) get(s) the proceeds. If there is no contingent beneficiary, subject to the terms of the policy, the proceeds may be payable to the insured's estate. The proceeds would then pass according to the directives of the insured's Will, or if he/she did not have one, according to the jurisidiction's laws of descent and distribution (intestacy).

In the United States there was no federal income tax on inherited property, only inheritance tax. This year, 2010, there is no tax except that congress may change it. There may still be state tax. In 2011 a different rule will go into effect. Since congress is talking about changing it, I have no idea how it will end up.

Other countries have different rules. I have no idea what they are.

(In Sweden years ago a multimillionaire died and her estate owed many millions more in taxes than the estate was worth.)

Clarifying the above, which properly notes there is no tax on the 'estate" of the deceased, but gets confused on exactly what your asking - an inheritance from an estate - even in 2010 where there is no ESTATE TAX (where the decedents estate pays), is considered TAXABLE INCOME and is taxable as ordinary income by the recipient in most all cases.

Especially in cases where the income/inheritance is coming from a decedents IRA, which again is exceptionally common, here are a number of payout options. Some, like the "inherited IRA" option may defer the payment of the income tax due for decades. Insurance policies paid to a specific beneficiary, are virtually always tax free. (If paid to the estate, it would then be income taxable as disbursed as an inheritance from the estate).

In all cases your own personal marginal tax rate is what should be used in estimating the tax you would pay.

Trusts can be recorded. Recording makes certain that the terms of the trust will always be available to the interested parties. A person claiming to be a trustee can be asked to provide proof. A recorded trust is an excellent form of proof. In some states a trust that holds real estate must be recorded.

You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.

Generally, if a life insurance company is notified of the death of the insured and there are named beneficiaries, the company pays off upon official notification of the death. You should speak with a customer service representative at the insurance company who can review your situation and advise you how to obtain your share of the proceeds.

Yes. And remember that an executor has no power or authority until they have been appointed by the probate court. Once appointed, they must distribute the assets according to the provisions in the will and according to the state probate laws under the jurisdiction of the probate court. The debts of the decedent must be paid before any property is distributed.

A Deed of Variation is a written document which seeks to amend/vary certain instructions/dispositions in a testator's Will. Your question is too broad. You should consult with an attorney who can help you draft a proper document that encompasses your particular situation. See the link provided below for a discussion on Deeds of Variation.

Generally, under the laws of intestacy, a daughter-in-law is not an heir-at-law. You can check the laws in your state at the related question link provided below.

You cannot be the surviving spouse of a trust. A trust is a legal arrangement set up to hold title to property. Any trust is managed by the provisions set forth in the document that created the trust. You need to review that document. If no one has a copy then you may need to get a court order to make changes.

With the approval of the court. The price must be a fair market price. Otherwise the estate is not going to have the assets it needs to close out.

Perhaps this question could be rephrased.

The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable.

The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).

If there is no surviving spouse or children, generally, the half sister. You can check the laws of intestacy for your state at the related question link provided below.

When the estate is opened, all possible beneficiaries should be notified. In most cases service must be made before the court will issue a letter of authority to the executor. That allows everyone to know what is going on.

Life insurance is a complex issue in community property states. Even if your husband has named beneficiaries, you may be entitled to an interest in the proceeds. See the link provided below for a very informative publication that you can read in its entirety. There is a section regarding beneficiaries other than the spouse.

Proper legal form is important any time you are involved with a document that can/must be enforceable in a court of law. That would include such legal instruments as wills, trusts, agreements, contracts, deeds, leases, easements, etc. If an instrument is not properly executed it is not enforceable.

If the decedent owned any property their estate must be probated. The next of kin must get together and choose a qualified person to petition the court to be appointed the administrator of the estate. A qualified person must be, generally, an heir at law. You should consult with an attorney who specializes in probate law.

No. Your spouse has no right to your parent's estate. Following that, your spouse has no right to any property that you inherit at the time of your inheritance. If you are concerned about protecting your inheritance from any future claims in any future divorce action you should consult with an attorney now for advice on how to protect it from any future claims.

Yes. The POA is extinguished upon the death of the principal.

Depends on the relationships and the wording in the Will as the will may state something different is to happen