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Legal Concerns Questions

776 Question and Answer Results

  1. Can I minor draw against an inheritance?

    I assume from your question that your ten year old son was named as the beneficiary of your father's life insurance policy rather than having a trust with your son as the beneficiary of the trust be designated as the beneficiary of the life insurance policy.
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  2. Which state's inheritance tax laws do we follow?

    You do not have to pay state inheritance tax or state income tax. Your mother lived in Ohio, so that state determines whether any inheritance tax must be paid. Under Ohio law, her estate was not subject to inheritance tax. Tennessee law, that state of your residence, has no application to your mothe...
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  3. How can I take over Grandma's mortgage if I have a credit issue?

    You are wise to be thinking and planning ahead in this situation.
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  4. Do we pay income taxes on inheritance?

    I concur with Mr. Blair's response. As he demonstrates, it is generally not wise for a parent (or anyone else) to transfer valuable property to another person while that parent is alive. There can definitely be adverse tax consequences if this is done. By "Inheritance" I mean property that a person ...
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  5. Can I file a quit claim deed contract after my father's death?

    You question is whether you can file quit claims deeds after your father's death. If the deeds were properly executed under the state law where the real estate is, those deeds should remain valid under that state's law even after your father died. Therefore you could legally file and record them. Ea...
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  6. How can we find out if Mom had assets when she died?

    I doubt if you should pursue trying to determine what assets your mother had at her death. Even if you could remember the name of the bank where her account was, I think it is unlikely that the bank would be willing to give you her account records, at least not without some type of legal order requi...
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  7. Should Mom's bills be paid first before my sister takes possession of her bank account?

    Your question concerns paying estate bills before an inheritance is distributed. Specifically, you state that you mom has a large account" with my sister's name and in trust (itf)..."
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  8. Will marital property laws override a will ?

    Your father, or you, need to check out the law regarding marital property and wills in the state where your father leaves. The majority of states follow what is called "common law." In most all common law states, a surviving spouse has the right to receive a certain portion of the deceased spouse's ...
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  9. Am I entitled to half of what my husband inherited?

    Texas law classifies property owned by married couples as either "community property" or "separate property."
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  10. If my husband's brother redistributes the inheritance money, will we have to reclaim the money?

    This is a question that you should consult with an accountant about -- it should be an easy question for any accountant with estate administration experience.
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  11. Does Mom's husband have rights to assets in my name?

    This is not a simple question at all, since each state has its own particular rules for the spousal "forced share" of the estate. You should be consulting with an estate lawyer in your local area, who will know the rules and can give you the advice you need.
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  12. Do I have to pay any inheritance taxes to the federal government or New York state?

    There is no federal inheritance tax. There is a federal estate tax that the executor of the estate must pay before distributing the bequests to the beneficiaries. However, in 2011 and 2012, the federal estate tax exemption is $5,000,000 for each individual. As long as a person's taxable estate is $5...
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  13. To inherit my brother's property, will I need to go through the mortgage company?

    There is no universally correct answer to your question. Once you become the owner of the property, either through a probate or a trust administration, you will need to contact the lender. Some lenders will allow you to assume the mortgage or continue to make payments, whereas others will insist o...
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  14. Is there a way to get around gift taxes on inheritance?

    You are confusing the rule for gift tax reporting and the rule for gift tax payments. Under current law anyone can give away up to $13,000 per year to any person, without having to report the gift. Any gift above that amount must be reported to the IRS, but you are allowed to give up to $5,000,000 ...
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  15. Can my brother an I sell my mother's home if we are not on the deed?

    Every state has its own probate rules, and you will need to set up a court probate to gain permission to sell the house. As part of that process, the court will issue a new deed in your name - and you may also be required to set up a belated probate in your father's name to clear the title of his n...
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  16. Will the bank take the home my father willed to us because we have poor credit?

    There is too much I do not understand about the transfer of the house from your father to you and your sister for me to be able to give you a definite answer. I can tell you that in general,when someone inherits a house with a mortgage on it, that mortgage simply goes with the inheritance. The inhe...
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  17. FAQ: Am I Responsible for My Parents' Debts?

    Many people are concerned that if their parents are unable to pay their debts, they -- the adult children -- will be responsible for them. In general, though, children are not legally responsible for their parents' debts. However, there are certain circumstances in which this simple rule gets more c...
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  18. What are the first steps in getting my mother's home deeded to my siblings and me?

    The first thing you should do is ignore your mother's advice.
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  19. What are the tax implications of inheriting an IRA, stock and mutual funds?

    To your first question: when your father passes away, your mother will have three options for his IRA. The first option is for your mother to roll over your father's IRA into her IRA, either an existing IRA or a new one. The advantage is that the "Required Minimum Withdrawals" will be based on your ...
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  20. Will money Dad left behind automatically go to my mother?

    Assets discovered after a death go to whoever is the legal owner of them. It's not clear who would be the legal owner of any bank accounts in your father's name that you discover. You state that you have not filed for probate. Did you father leave a will? If he did, whoever he named in his will to r...
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