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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
You value all of the items and split the value, once the debts of the deceased are resolved. If there are items that they are arguing over, they should be sold and the money divided.
Do you have to pay inheritance tax on inheritance?
I think that depends on the tax laws, both federal and your state of residence. If I recall correctly, here in Texas for example, the determination of whether or not an inheritance tax payment is owed, "rides" on the federal criteria. If federal tax is not owed, then Texas does not require it. The last I recall, the determination of federal tax on inheritance was based on the value of the estate, and an estate valued at less than $1.5 million was exempted from payment of federal estate tax, and therefore, Texas estate tax. I also seem to recall, that the $1.5 mil federal exemption was only a "temporary" thing, and is subject to "sunset out" within a couple of years, unless reenacted. Prior to the $1.5 mill exemption, I think the amount was $600,000 per estate. I'm not sure about this, but I think that even though an estate is exempt from "estate taxes," the heirs will have to declare money received on their income tax return(s), and pay INCOME taxes, both federal and state, on that income. Also, the income from any real property, WHEN sold, will have to be declared, and taxes paid on that income.
Can i claim back ppi for the deceased?
Type your answer here... my husband passed 4 years ago can i claim ppi from him
Can executor sell car of deceased in NJ?
Yes, the executor can sell the vehicle. They have to resolve any lien against the vehicle. They should have a letter of authorization that allows them to act on behalf of the estate.
How im going to find out if your dad before he dies he put you on beneficiary?
Your only way is to ask him. Otherwise, you don't have a way to find out.
The estate has to settle the title. The secondary person can be held responsible for the loan until it is resolved.
You may have vested interest in the home, but it doesn't necessarily mean that it is yours now. Get a real estate lawyer and see what you need to do. Gather the proof that you have been making the payments--cancelled checks to the mortgage company are best.
Another PerspectiveNo. You cannot take possession of the property. You would need to bring an action to a court of equity and obtain a court order that transfers all right, title and interest in the property to you. If you lived in the home the court is more likely to view your payments as a form of rent. Courts rarely transfer title when a volunteer pays the mortgage while they were living with the owner. The property will pass to the heirs at law or under the will of the decedent.
If there are no wills involved, that is the way it typically works. However, there are often clauses in wills that can affect this.
What does uwo mean in a trust?
U/W/O stands for "under the will of"
F/B/O stands for "for the benefit of"
Example of how a testamentary trust would be titled:
Testamentary Trust fbo Sara L. Smith uwo Walter G. Jones
This represents a testamentary trust established for Sara according to the will of and upon the death of Walter.
Is adopted fathers children considered next of kin?
If they have a biological relative then no, a brother is a closer relative than an adoptive father is. Legally though, if you are the only guardian/ relative then you will be next of kin.
Is mileage reimbursement for an executor of an estate taxable?
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
Do executor fees reduce estate tax?
They are a cost to the estate and typically are a deduction from taxes or the total amount. Yes, they will reduce the estate tax. Consulting a CPA or tax attorney would be a good idea!
Can an attorney in fact under a Power of Attorney manage assets that are jointly owned?
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Yes. However, the other joint tenant should monitor them closely to make certain they are only acting at the request of the principal if they make changes to the survivorship aspect of the ownership.
Can a conservator take over a special needs trust?
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
No. The trust must be reviewed and a successor trustee appointed according to the terms set forth in the trust. If there are no provisions for appointment of a successor trustee mentioned in the trust document then the matter must be brought before a court of equity for appointment of a new trustee. The court that appointed the conservator should handle the trustee issue as well.
Is the beneficiary of a life insurance policy responsible for funeral expenses of the deceased?
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
No. As long as the payments are sent on time the bank can't take the property. You should consult with an attorney who specializes in probate. If your mother was the sole owner of the property then her estate must be probated in order for title to pass to her heirs legally. If she left a will you should take it with you when you see the attorney.
Can property be sold if an one of the heirs dies without a will?
Certainly. The heir's portion will become part of their estate and distributed accordingly.
You would say an heir because it is pronounced "air" - so the vowel sound means you have to use an.
Is the oldest child the next of kin of a widowed father?
No, the oldest child is not automatically the next of kin of a widowed father. The next of kin refers to the person who has the closest relationship or legal rights to make decisions on behalf of an individual who is incapacitated or deceased. It could be a spouse, child, parent, or another close family member, depending on the specific laws and circumstances.
What is the NY State tax on inheritance?
I live I Indiana and received an inheritance from a relative in New York. I received a K-1 form showing amounts to use on tax form. What form do I need to use to report this. Do I owe taxes to New York or only need to show the amounts on Federal and Indiana tax forms?
What you have found is the reason that in many cases the jewelry is sold and the money divided up. Once you have the value of all the items, you may be able to sell one or two pieces and use that cash to even out the value of the distribution of the others.
Is there a gift tax if deeding house to child before death?
Yes, there could very well be a gift tax. Consult a tax attorney. And the estate could pull the property back into the estate if it is within a few years of death.
Can a vehicle in an estate be taken to a dealership if all heirs do not agree?
The executor determines what will occur. While they will normally attempt to agree with the wishes of the beneficiaries, they are responsible for resolving the estate and its debts.
