Without paying gift tax what is the legal limit I may give my son or dtr per year?
If you gave any one person gifts that are valued at more than $15,000 (in 2012), you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.
Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift.
There are some exceptions to the tax rules on gifts. The following gifts generally are not taxable and do not count against the annual limit:
If you are married, both you and your spouse can give separate gifts of up to the annual limit of $15,000 to the same person without making a taxable gift.
Alternatively, with consent from your spouse, you can make a gift of up to $30,000 ($15,000 x 2) to the same person without making a taxable gift. This is commonly known as splitting gifts between spouses. Essentially, it means a gift by you or your spouse to a third person can be considered as made one-half by each of you provided there is consent by both spouses.
Can the executor of an estate receive a bequest?
Sure, why not? However, because the executor of an estate is charged with the gathering of assets and liabilities, and discharge of debts, and the final distribution of the assets after debts, and a final accounting before being turned loose by the Probate Court, it is very important to be scrupulous with the distribution of the bequest to himself.
No. Had the person who wrote the will wanted them to benefit they would have been mentioned. However, if the intention is to share the estate, check with the executor whether such distribution would negate the bequest.
Does marriage make you the next of kin?
Marriage would make you the closest next of kin to your spouse.
In the United States next-of-kin as set forth in laws of intestacy defines the relatives who would inherit the property of a deceased person. Most states recognize the spouse and the nearest blood relatives (children-parents-siblings) as next-of-kin. However, there are different settings where next of kin may come into play. A surviving spouse would be considered the next of kin for choosing and paying for funeral arrangements. See related question.
How do you obtain a copy of your deceased mother's will from her attorney?
You only need to call the office, let him/her know your mother has died and request an original copy of her will. At the same time you could inquire about having that attorney represent the estate.
Yes. If the executor has refused to make distribution then you should complain to the attorney who is handling the estate and to the probate court immediately. They can be compelled by the court to act or they can be replaced.
How can the beneficiaries remove the executor of an estate?
If the beneficiaries of an estate want to remove the executor, they will first need a very good reason for doing so. In most jurisdictions, it will require a court action. It is best to retain a lawyer to do this.
Can an executor find out how much money is in deceaseds bank accounts?
Yes, once they have been appointed by the probate court and Letters Testamentary have been issued. Take your Letters Testamentary to the bank with you. That document gives you the legal right to access the decedent's assets including bank accounts.
Can the notary who notarized your Last Will and testament testify in probate court?
Depending upon the law of the state in which the Notary has their 'powers' they MAY be able to ATTEST to the validity of the copy of a Last Will and Testament, PROVIDED that they have the original with which to compare it against. If the original will and the will copy run to more than one page, I believe they would have to affix their seal and signature on each page of the copy to ensure that altered copy pages were not inserted or added "after the fact."
What form do you need to claim your husbands money since he is deceased?
A last will and testament will do; failing that, depending on the state, you must go through porbate and show cause; ie., a marriage certificate.
Lesson: you should have established a trust; see an estate planner and you will not have those problems.
What did Julia Child's parents do?
Julia Child was a very privileged child. Her father was a real estate tycoon in California. Her mother was a descendant of a Lieutenant Governor of Massachusetts and an heiress to a paper company.
How long does it take to probate a will in Georgia?
There is no specific time frame in Georgia. The executor has to insure the estate is inventoried and appraised, the debts collected, taxes paid and the terms of the will meet.
Where do you get information on an addendum to a revocable trust?
An addendum is a document that contains additions or explanations to the original document. In this case the addendum should be attached to the trust document. If it isn't try asking the attorney who drafted it for a copy. You aren't looking for "information on it" you would be looking for the actual addendum.
If you wish to have an addendum to a trust drafted you need to consult an attorney who specializes in trust law.
An addendum is a document that contains additions or explanations to the original document. In this case the addendum should be attached to the trust document. If it isn't try asking the attorney who drafted it for a copy. You aren't looking for "information on it" you would be looking for the actual addendum.
If you wish to have an addendum to a trust drafted you need to consult an attorney who specializes in trust law.
An addendum is a document that contains additions or explanations to the original document. In this case the addendum should be attached to the trust document. If it isn't try asking the attorney who drafted it for a copy. You aren't looking for "information on it" you would be looking for the actual addendum.
If you wish to have an addendum to a trust drafted you need to consult an attorney who specializes in trust law.
An addendum is a document that contains additions or explanations to the original document. In this case the addendum should be attached to the trust document. If it isn't try asking the attorney who drafted it for a copy. You aren't looking for "information on it" you would be looking for the actual addendum.
If you wish to have an addendum to a trust drafted you need to consult an attorney who specializes in trust law.
What is the statuatory period to contest a will in Louisiana?
The right to contest a will is statutory and the statutory period varies from state to state. If you do not exercise your right to contest the will during the statutory period your right is lost.
What are your sibling's rights if he or she is not mentioned in the will of your parent?
Statutes often provide rights to blood descendents who are not mentioned (pretermitted) in the will, but it is certainly possible to specifically exclude them by making sure the entire estate is distributed to others, often including a clause or two that makes it impossible to challenge (e.g., "to my selfish putz of a son, Aaron, I leave one broken shoelace as a token of my frustration and as a symbol to try to pull himself together.")
What happens your child breaks child curfew violation?
If they caught they usually get a ticket and it will have the court date on for when you will have to go to court. When you do they'll just tell you your community service and where you'll be working,how many hours etc. It's really nothing to worry about, I got an easy service because that was the first time so i don't know if it will be different for you. Also we live in tx so.. rules might differ.
P.s Judge said if i got caught again I'd lose my license till i am 18 so be careful unless you don't want to be able to drive ;)
Hope this helps.
Are probate records made public?
As soon as a petition is filed to commence a probate of an estate, with or without a Will, the case becomes a public record and anyone can visit the court to review the file. Generally, copies of documents can be obtained in person or by mail.
Normally in the United States, all court records, including probate records, are public unless the parties specifically ask the court that they be kept confidential. The Judge in a case may also order that all of part of the record of a case be sealed or made confidential and not opened without a subsequent court order.
Can a new will invalidate an previous will?
Yes, a current will does so. That is why most start with the declaration that this to be my last will and testimony. All previous wills are revoked or cancelled.
What is the residue of an estate?
The residue may contain property from several sources. Any property that was not specifically devised in the body of the will becomes part of the residue. Also included is any property the testator didn't know she owned and any assets acquired after death such as a settlement in a wrongful death or malpractice action. Any bequests that lapse because the beneficiary predeceased the testator may become part of the residue unless other instructions were provided in the will.
Can illegitimate minor inherit in Ga?
Yes. If the father died intestate, without a will, and the relationship can be proven the child is entitled to inherit under the state laws of intestacy. However, the child must make a timely claim through the court if their existence is unknown to the administrator of the estate. You should consult with an attorney who can review your situation and explain your rights. You can read the law at the related link.
If both executors of an estate renounce can any beneficiary be executor?
Generally, yes.
Each state will have its own laws governing this issue and even though most states have the same system, one must look to the laws of the state of probate for the exact answer.
The residuary beneficiaries have the right to administer the estate if the named executors decline. They all have an equal right to this, so usually they must all agree to either serve together (a surefire recipe for problems) or agree on one or some of them to serve. Unless there is an agreement, the dispute over who will serve will go into court to be resolved. The court will appoint an executor.
The general idea is that the right to administer the estate goes to the persons who have an interest in the estate or to someone of their choosing.
Do you legally have to notify the executors of a death?
The only reasons not to notify a named executor of the death of the testator are ALL negative. Either you want to use, and possibly convert, the decedent's property; plunder the bank accounts; prevent the distribution of the estate according to the terms of the will; etc. Those actions are against the law. Since you know who the named executor is you are withholding the will and preventing the settling of the estate. That is against the law
The executor should be notified so the will can be admitted to probate and the estate settled according to the terms of the will and the state laws under the supervision of the probate court. If there is real estate the title to the property cannot pass to the heirs unless the estate is probated.
Do wills in UK go into probate court?
Not necessarily, it depends on the deceased persons assets. Did they have individually owned assets? If everything is jointly owned or under £5k there is not normally a requirement to send a will to probate.
Has New Jersey accepted the uniform probate code?
New York has not adopted the Uniform Probate Code; however it is possible that it has adopted some portions of it separately as opposed to adopting it in full. Even states like New Jersey, which have adopted the UPC, have made changes to various provisions. No state has to adopt the UPC in its entire format. The UPC is intended to be a guide.
Is a will valid without an executor of the estate being appointed?
There is no requirement that an executor be named in the will for the will to be valid. The court will appoint one.