Estates

If the property was in the name of the decedent then it became part of the estate. If the decedent owed a debt to the nursing home for care it provided that was not covered by insurance or any government benefit the nursing home can make a claim against the estate. The estate must pay the debts of the decedent before any property can be distributed to the heirs.

No New York does not have an inheritance tax. Only 11 states do have one enacted. Seventeen states have estate taxes, but New York does not have one.

Yes, individuals receiving Supplemental Security Income (SSI) can have a special needs trust fund. Special needs trust funds are designed to help individuals with disabilities maintain their eligibility for government benefits, such as SSI, while still having access to additional financial resources for their care and support. It is important to work with a knowledgeable attorney or financial planner to set up and manage the trust fund correctly.

Metrobank is a Philippine bank. The bank uses only one swift code on from its main office to its branches which is MBTCPHMM.

Petition the court with all of the other beneficiaries. Notice has to be provided to all beneficiaries and natural heirs whether they are in the will or not. If the court believes it is in the best interests of the estate, they will issue a letter of authroization.

The heirs-at-law need to petition the court for an Administrator to be appointed. They could decide amongst themselves whose name should go on the petition. Once the petition for Administration has been allowed and the Administrator has been appointed the probate process can begin. After the debts of the estate have been paid the remaining property will eventually be distributed to the heirs according to the state laws of intestacy. You can check your state laws at the related question link below.

I assume you mean the estate tax, not the inheritance tax. (There is a federal estate tax, but no federal inheritance tax.)

The federal estate tax will be abolished in 2010.

And (unless the law is changed) it will be reinstated in 2011 and the exclusion amount will drop from the $3.5 million in 2009 to $1 million in 2011.

Note that this does not apply to state estate or inheritance taxes. Because of the craziness on the federal level, many states have been revising their estate taxes to decouple them from federal changes.

***Caution*** Before making any plans to die in 2010 in order to take advantage of the estate tax repeal, be aware that this situation is very fluid and the law could be changed.

No. Unless he made a will before he became incapacitated his solely owned property will pass as intestate property upon his death. Any will executed during the period he is incapacitated should be challenged if she tries to probate that will after his death.

You can check your state laws of intestacy at the related question link provided below. Follow the directions and click on your state to see who inherits intestate property.

Only if she is also on the account. If not, then absolutely not. You can get yourself in a heap of trouble by using the credit card of a deceased person. You must notify the credit card company of the death and close that account.

When a principal executes a Power of Attorney it is for the purpose of allowing someone else, the attorney-in-fact, to sign for them BECAUSE they cannot sign in person. The bank should accept a properly executed POA.

Yes. Several terms are used to describe the person who transfers their property to a trust: trustor, settlor, grantor.

The story is that Cooke died without a will and his widow and former business partners fought for years over both his estate and the royalties from his music. You can read more about Sam Cooke at the related link.

You would likely need to sue in a court of equity for a judicial order revoking the life estate. You would need to present compelling evidence to the court to support your cause of action. You should consult with an attorney who can review your situation and explain your options.

The estate is responsible for the debts of the decedent. Send a copy of the death certificate in with the bill to notify the creditor of the death.

If you mean that he is incapacitated to the point where he is mentally incompetent to know what he is doing in signing a power of attorney, you cannot. If he cannot comprehend the nature of his actions, then he cannot lawfully execute a POA. IN order to get control over his affairs at that point, you will have to have him declared incapacitated or incompetent and be appointed his guardian.

can a discretionary trust set up for an only child be cancelled at any time?

The Trustees of the Boston Public Library

Sounds right to me. The time of the passing has nothing to do with who gets the property, it's in the will. If there is no will than your spouse is entitled to it.

If money goes to the estate that means the right to receive the money belonged to the decedent. Examples would include such sums as a debt owed to the decedent, insurance money where no beneficiary was named and the decedent owned the policy, refunds from paid in advance medical insurance, or an award from a court case that was settled in favor of the decedent.

When a person with no next-of-kin dies owning property, their property 'escheats' to the state.

Se abrevia así: std.

If he legally adopted you, perhaps you might be an heir if his estate is intestate. You should speak with an attorney in your jurisdiction who is familiar wth your state probate laws.

great power to some ppl

Unless all the heirs agreed in writing to allow the executor to act as the broker, with the understanding she would receive a commission, she has a conflict of interest and an independent broker should handle the sale of the property. If the executor took it upon herself to act as broker and collect a fee from the estate she should be apprised of the impropriety of self-dealing by a fiduciary. You should consult with the attorney who is handlig the estate or ask the court to review the situation if that attorney allowed this situation to take place.

No. If you owned the property in a joint tenancy with the right of survivorship their interest in the property "disappeared" at death and the property belongs to you alone.