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Estates
Estates are the assets and liabilities of a deceased person, including land, personal belongings and debts.
6,325 Questions
Deceased parents left debts but left no estate are you as daughter with power of atty responsible?
Your power of attorney was extinguished when your last parent died. Unless you were a co-signer on their debts, ordered goods or services for them or benefitted from the amounts due (utility bills if you lived with them, for example) their estates are responsible for their debts. If there is no estate the creditors are out of luck.
What does DTD mean in reference to living trust?
In a living trust, the phrase 'dtd' stands for dated. It is very important to have the proper date that the trust effective for.
If a will is not filed is it valid?
Not filing a will doesn't make the will invalid. Rather, it leaves the assets of the decedent in legal limbo. Until the will is filed and an executor is appointed by the court a two part problem exists:
The will has not been proved to be the last will and testament of the decedent.
No one has the legal authority to distribute the assets of the decedent.
It depends, but could be 1% of total estate and you can petition the courts to have the trustee removed if you suspect misusing of funds.
You can report the behavior of the executor to the court and request they be replaced. The executor should be available to the beneficiaries and should provide answers to any questions about the execution of the estate. If they will not distribute the proceeds they should provide an explanation. Perhaps it is too soon. If so, they should explain the timetable for distribution. You should call the attorney who is handling the estate for an explanation.
It is a deed. They take different forms, but it should contain the name and address of the grantor (the one conveying the property), the name and address of the grantee (the one receiving the property), a legal description of the property, and some "granting" language; i.e., language conveying the property from the grantor to the grantee; e.g., "do hereby grant, sell, and convey . . . ."
What happens when you contest a will?
It is only the entities who are involved in the Testator's life that can contest a will. When the will is contested, the due legal proceedings will have to be followed.
Do lawyers specifically those preparing wills and trusts accept payment by credit card?
Many large law firms accept payment by credit card but there is no rule as such. You would need to call law firms in your area to make that determination.
No. A parent does not automatically become a child's legal representative in matters of inheritance. The court must appoint a legal guardian to control the minor child's inheritance in the best interest of the child. The parent may petition to be appointed but the court will make the decision after examining the child's situation.
Do family members have to pay inheritance taxes?
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
How long to keep deceased parents papers such as tax returns?
Some papers are more or less permanent, such as titles to property. Tax returns: I'd say seven years. Papers that are duplicated in the public records: it doesn't really matter, because you can always obtain copies from the public records.
If you were left money in a will can you give it away?
If you are left money in a will then it is legally yours to do whatever you want with, including giving it away.
How do you find if anyone owes you money?
I am not getting my rent in time from my tenant who is a business man in Chennai for the last 20 years. I will get cheque from him after 4 or 5 months rent at a time. I can't say anything wrong about him. Because he always giving respect to me and telling that I am like his elder brother. He has not paid rent for the last 3 months from April'08.
According to the information at the link below- two years.
Can an executor who is also a beneficiary contest a will he is executing?
Generally, a will contest is filed when notice has been given that someone has petitioned the court to have the will allowed and appoint an executor. An executor is not appointed until the will is allowed. If there is some dispute as to the validity of the will an executor will not be appointed until the court makes a decision whether or not to allow the will.
So to answer your question, until the will is allowed by the court there is no executor. After the will is allowed and an executor is appointed, it's too late to contest the will.
Sometimes information becomes available after the will has been allowed such as a later will found. That is another category of court action.
Does New Jersey recognize tenancy by the entirety?
Yes. Married people may hold property as tenants by the entirety in New Jersey. In an interesting development, this right, previously available to married couples only, is now available to same sex partners who have formed a civil union.
The New Jersey Supreme Court unanimously decided in Lewis vs Harris in 2006 that same sex couples must be given the same rights and benefits previously reserved for married, heterosexual couples. In a history-making recognition of social and cultural evolution the legislature promptly responded by passing the Civil Union Act that took effect on February 19, 2007.
The act provides that legal rights, benefits, protections and responsibilities that formerly applied to married couples or referred to "husband and wife" will now apply to couples in a committed same-sex civil union.
What is a irrevocable trust MIDGET?
A MIDGET trust is a Medicaid Intentionally Defective Grantor Trust. Done "right", an irrevoccable trust will either pay taxes as its own independently existing entity, or the income taxes will be due and paid by the beneficiaries. A Grantor Trust is one which is created to provide benefits to someone else (the beneficiary), but the income from the trust is taxed to the person establishing the trust (the grantor). For a long time, that was a bad thing, because people put assets into a trust to benefit others often, and getting stuck with the tax bill wasn't a good thing. More recently, estate planning attorneys such as those at the American Academy of Estate Planning Attorneys realized that an Intentionally Defective Grantor Trust (i.e. a trust which is intentionally deemed a Grantor Trust by the IRS) could serve estate planning goals. Such an IDGET (or IDGT) lets the Grantor preserve the assets they put into trust for someone by having the Grantor pay the taxes instead of their beneficiary or the trust for their beneficiary. This also serves to decrease the size of the Grantor's remaining estate which can be subject to onerous Federal Estate Tax and other death taxes later. Finally, the Medicaid portion of this term (In California, the 'M' is for Medi-Cal) refers to the use of this trust vehicle to encompass assets the Grantor places into the trust to protect them from a claim by the state Medicaid authorities for reimbursement for Medicaid (often Nursing Home/Long Term Care) benefits, or to increase the Grantor's eligibility for such benefits. Any member of the American Academy of Estate Planning Lawyers should be able to assist you with such an issue. My practice is in Pittsburgh as The Estate Planning Centers at The Coulter Law Offices LLC. Please remember that this is a general discussion only, and is not intended as legal advice upon which anyone should rely. Moreover, I'm typing this reply off of the top of my head as a courtesy, not as a researched answer to your situation. You should consult with a lawyer or appropriate professional regarding you own specific facts and circumstances.
Your being on the joint account allows you to withdraw the funds not cash your father's checks. You should inquire at the local probate court to see if there is some type of petition you could file to obtain the power to cash the checks. You may have to file a petition for administration that will list all his heirs at law and provide them with notice of the petition. When that is allowed and an administrator appointed, the court will provide letters testamantary that will enable you to act on behalf of the estate. You could also ask the bank what documentation they would require for you to be able to cash the checks. You should act quickly before the checks expire.
Life insurance made out to the estate but no will in Florida how can the spouse claim?
An Administrator would need to be appointed by the court and the proceeds of the insurance would pass as intestate property. You should seek the advice of an attorney if that is the only asset of the estate to determine if there is any easier option available in your state.
Can you get insurance on a apartment to protect a co-signer if you die?
If you die, your estate does not need to keep renting the apartment. You could purchase term insurance with your co-signer as a beneficiary so that any expenses you leave behind could be paid. It would not need to be specifically for the apartment.
When did the inheritance tax start?
This is when, why Federal estate taxing started. Inheritance taxation was generally imposed by the States, so the government in all it's wisdom enacted a Federal tax too.
In 1916 Congress for the first time levied a tax upon the transfer of a decedent's net estate. The Committee on Ways and Means of the U.S. House of Representatives explained that a new type of tax was needed, because the "consumption taxes" in effect at that time bore most heavily upon those least able to pay them. The Committee further explained that the revenue system should be more evenly and equitably balanced and "a larger portion of our necessary revenues collected from the incomes and inheritances of those deriving the most benefit and protection from the Government."
The Committee recommended an estate tax rather than an inheritance tax because many states already imposed inheritance taxes. It felt that the estate tax helped to form a well-balanced system of inheritance taxation between the Federal Government and the various states and that an estate tax could be readily administered with less conflict than a tax based upon inherited shares.
Various changes in the estate tax provisions of law, as well as their repeal, have been proposed over the years, but the principle has been retained. Our office has available an excerpt from the Ways and Means Committee's report on the Revenue Act of 1935. The report reproduces a June 19, 1935, message from President Roosevelt to Congress advocating an inheritance tax, in addition to the estate tax. Although the inheritance tax proposal was not adopted, the message provides information on why the taxation of individuals' estates was considered appropriate.
What happens to house when father and stepmother both dies no will 2 children left?
If both the father and stepmother die without a will, the distribution of their assets will typically follow the laws of intestacy. In most jurisdictions, this means the assets will be divided equally among the surviving children. Therefore, in this situation, the house would likely be inherited jointly by the two remaining children.
When does the executor distribute funds from a probated will?
The executor of a probated will should distribute the proceeds of the will after it is settled in probate court. Some states have laws in place that state a certain time limit for the funds to be issued to heirs.
An heir is someone that inherits from an estate due to being a descendant or relative of the deceased.
