What if a person not of sound mind is tricked into signing a power of attorney what happens then?
First, the trickster should be reported to the district attorney for taking advantage of a person who is at a disadvantage. Perhaps the DA could provide advice as to what steps should be taken to counteract the false POA. Perhaps they could draft a notice that could be served on any institution where the POA could be used to access bank accounts or investment accounts, or sign social security checks. If the victim owns real estate the notice of the false POA should be recorded in the land records. The legally incapacitated person needs to have a guardian appointed by the court. Someone needs to commence that process.
What is the inheritance tax in Texas?
The State of Texas does not have an inheritance or an estate tax. Only 11 states do have one in place. It is still a good idea to consult a probate attorney to minimize federal taxes.
What is the difference between an inheritance tax and an estate tax?
an inheritance tax is based on the portion of an estate
an estate is a federal tax on all the wealth a person leaves
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There may not be an exact answer because some depends on your own, or the specific IRS or State definition of things.
But generally:
An inheritance tax would be on the value of what someone receives from the estate of someone who dies. Paid by the recipient.
The estate is actually the continuation and winding up of the deceased persons affairs, and they may be taxed before what is left is distributed to those inheriting.
How do you become administrator of your deceased mothers estate?
You petition the court. It is a fairly straight forward form that has to be signed by all of the beneficiaries of the will or estate. You should consult a probate attorney for your jurisdiction.
That depends on how they took title. If they acquired as joint tenants with the right of survivorship title automatically passes to the surviving owner, with no need for probate. If they took title as tenants in common the interest of the decedent passes to their heirs and must be probated.
A late husband is a dead husband. Late means dead in this context.
You are a minor are you responsible for your deceased fathers debt?
Your father's estate is responsible for his debts. If he owned any assets when he died his estate must be probated. You should speak with an attorney.
Dude. There's a tree in Mankato. It's a tall oak tree. Go to it. There's a black wooden bench under it. Under the bench, there's a quarter billion dollars. Dig it up, and it's all yours. I would do it, but I live no where near the area.
Removing a co-executor from a trust after the trustees death?
Look to the instrument that created the trust for instructions for appointment of the successor trustee.
Co-executors are not appointed for a trust, they are appointed by a court. You would need to petition the court to remove a co-executor.
How can you avoid inheritance taxes on land that is willed to you?
I assume you are talking about what can you do after the person who left you the land has died.
You can disclaim the inheritance. To effectively disclaim the inheritance you must carefully adhere to a number of rules, such as you did not get any personal benefit from the disclaimed property and you complied with time limits. You really should ask for professional help.
Of course, there are a number of things you can do if you can get the person who is leaving you the land to restructure his estate plan before he dies...
How do all beneficiaries on a life insurance policy split the money?
They split it evenly unless the insurance policy specifies that the proceeds are to be divided among several beneficiaries in some other way. Sometimes a policy can be payable to a spouse and children, with the spouse getting one size share and the children dividing the rest among themselves. The owner of the policy has the right to specify who gets how much.
What is the sole beneficiary of a will entitled too?
The sole beneficiary is entitled to any assets remaining after the estate has been probated and the debts of the estate have been paid.
Can you put a lien against property that is not titled or deeded in that persons name?
You can file a court case if you have any evidence that the person transferred the property to avoid creditors. The court will issue an 'ex parte' lien against the property if you are successful.
The short answer is yes under the commonlaw. Make no mistake the law is quite distinct from morality. Unfortunately I do not have the time to go into detail now but if you need further clarification I would be glad to provide you with a more detailed answer. You can reach me at fodiakosa@yahoo.com OLUFEMI ODIAKOSA Solicitor of the Supreme Court of England and Wales Barrister and Solicitor of the Supreme Court of Nigeria
The feminine form of the Latin word 'testator' is testatrix. The word means 'one that makes a will'. It derives from the verb 'testor, testari', which means 'to give evidence of, to bear witness to, or to call to witness'.
Can heirs borrow money on a estate in probate?
It is possible in some cases. The testator can also specify in the will that such property cannot be used that way.
If your parents are deceased the Power of Attorney expired when they died. It is no longer in effect. If your sister used their credit card after their death then she committed a criminal act and could be prosecuted. Her use of the crdit card has nothing to do with their estate. She is responsible for her actions. If she charged on the account after your parents death, the credit card company can't attach the real estate you inherited. They would need to bring charges against your sister. You should cooperate by providing them with any information you have that would help in their investigation, where they can find your sister and the circumstances that enabled her to use your parents credit card (her being the executor of their estates).
Can a lawyer get a copy of someone elses estate tax return?
A lawyer has no magical powers to get someone else's tax return.
But if you have a legitimate need to see the tax return, the lawyer can petition the probate court to get an order compelling the executor of the estate to show it to you. But it may not be necessary to go that far. If you have some legitimate need to see it, often times a letter from your your attorney can convince the executor that you are serious (or crazy) and they might decide that it's better just to show it to you.
The insurance proceeds would be part of their estate and would pass according to their will or by intestacy to their next-of-kin.
What is second to die insurance?
Second to die insurance is a life insurance policy with a death benefit that is paid only when the second of two insureds dies.
No benefits are paid as long as both live, or if just one lives.
What happens when Spouse dies with credit card debt in his name only and has no assets?
1)His creditors will destroy his urn of ashes and make sure he does not rest in peace...(Not very sure... Don't blame me if it is wrong... I saw it from a show...)
2)His creditors will look for his family members and force them to pay up. They might even come after them the loan shark way(You know... splashing paint on your home door... Or maybe even hang a pig's head outside the family's door... Not very sure... Don't blame me of it is wrong... I saw it from a show...)
You need to consult with an attorney who can review your grandmother's will. There are different ways a testator can arrange to leave property. The possibility that a beneficiary may predecease the testator should be addressed in the will. If the gift is made per stirpes, the gift passes to the deceased beneficiary's children. If the gift is made per capita, it passes to the siblings of the deceased beneficiary. If the will is silent you need legal advice on how the situation will be addressed by the law in your state.
Can you refuse to inherit a house which has more debt than it is worth?
You have the ability to turn down an inheritance. It is usually done to avoid tax consequences. In this case, it can help avoid issues and let the estate resolve the imbalance.