My mother recently passed leaving 2 adult children. She lived with me and I am joint owner of her bank accounts. Her only owned possession is car valued at $2000 with a clear title. Her will stipulates that everything is to be split 50/50. Does th...
The only asset that would have to go to probate is the car. A joint bank account goes to the surviving joint owner. Your brother could try and claim that the joint account was really in a constructive trust for both of you, but he would have to do a lot to prove that. The car usually can be handled in a small estate administration, but would be divided between you and your brother.See question
My grandfather had alzheimer's for nearly 20 years, He was cared for at home up until the last 2 years. His insurance was medicare and the state. He had a large life insurance policy that he was the owner of. Appx 2 years ago the state social work...
It is unclear from your question, but if your grandfather was on Medicaid in a long term care facility, he could not have gone on Medicaid owning a life insurance policy that had cash surrender value. The worker told grandmother to change the owner to her (within perhaps the spousal division of assets) and she could own the policy if it did not create a situation that grandmother had too much of her assets after a division of asssets. It seems that the state knew about the policy and told her to take ownership of it, so I guess that everything was done within the limits allowed.
If that is the case, the death benefits to grandmother are hers, without the state asking for a recovery on it.
If she didn't change the owner, and the owner was still grandfather, then the state might want a share for Medicaid recovery, if they find out about it.
My mother passed away a few weeks ago. She had no will. She has under $400 in her checking account, owns a 15 year old car, and basically just had her personal belongings. She rented. I understand that due to the size of her estate, we could just ...
If all she has is $400 you could get that released to you in a creditor claim for paying for the funeral. The funeral creditor gets paid first before anybody else. As for her creditors, they will try to get you to pay, and send bills and collection letters. Tell them that "she is dead, she has no money, there is no probate, go away". Creditor letters can be marked "deceased, return to sender". You do not have any legal obligation to pay for your mother's debts.See question
The husband gave his wife money to remodel her house (hers by clear title) but a clause was added to both their wills to give that money back to his children upon the sale of the house. The wife is now destitute and needs a reverse mortgage, but ...
It is extremely unlikely that she would have a clause in her will or a separate contract with her husband that would prohibit her from changing her will. She could revoke her will by tearing it up. The reason couples do trusts that some parts become irrevocable and unable to change after one of them dies is to keep the spouse from changing her mind. In this case, she's not changing her mind about his children getting some money, she needs the money to live on. If she spends the money how can the children sue her estate after her death? She should see an attorney about her will, and if it doesn't say by some contractual agreement with her deceased husband that she can't change it, she should change it. Its her money.See question
If an executor closes an estate (bank) account and distributes checks but then later has to do an accounting, which means hiring an accountant, how will the accountant be paid? What does that typically even cost?
If an executor has to pay for something after he has distributed all of the money and closed the estate, he'll have to pay for it out of his own money, unless he can get the beneficiaries to give some money back. Good luck with that!
That is why the executor needs to make sure everything is done and paid for, before he distributes the final amounts.
The executor to the estate sold for 340 k it will be divided by 13 .my dad owned taxes on it. Mines her cut n the realities cut can I give a gift to my kids so I'll can avoid the taxes on the little amount I'll probably get?
The taxes your father owed on the real property will get paid at closing on the property. You will inherit the percentage of the net proceeds after expenses. If your father's estate was under 5.4 million dollars, there is no estate taxes to pay. Unless the property went up in value from the date of death until the sale date, there is no income taxes to pay on the inheritance. People mistakenly think that they have to pay tax on inheritances. Unless the assets had deferred income (like savings bonds, annuities, or IRAs) they come tax free (its happy birthday, merry Christmas money).See question
My friend died in early 2014. He left me as pod on a brokerage account with about 50k. I believe he had another account with no pod. I was health care surrogate. Before he died I asked if he wanted my help making will or located family he hadn't ...
It is possible that a creditor has asked that probate be opened (maybe to collect on the deficiency of the mortgage loan from the foreclosure sale). The money that you received as a POD is a non-probate transfer, and the personal representative of the estate can try and collect the non-probate transfer assets to pay the probate claims. If you paid for the funeral, you of course would also be a creditor and the estate would pay you back for that. I don't think that this will happen, most creditors just get what they can get from the probate assets and not try and find out about the non-probate assets. If the personal representative asks you for the money back to pay the debts, you may want to get help from an attorney. You should not volunteer any information to anyone about the POD account, short of a court order requiring you to provide the information. Make them work for it..See question
He never had anything to do with my son but is in florida record that he is 99.96% father he paid child support for 18 yrs. But never had anything to do with him and we need to know if there is an estate and if he is intitled to any of it.
I agree with the other answers about how to find out the estate. Whether you could contest a will, if there was one, or be entitled to some of the estate by intestate laws, if there is no will, is another question altogether. If your son was adopted by someone else, he is no longer an intestate heir. If his father wrote a will and specifically named him and said he left him nothing, he would be out of luck as well. You should talk with a Florida attorney (if the dad lived and died in Florida).See question
I found unclaimed property in my fathers name on a website , one was for a prudential death benefit payment and the other was for some stock payment that prudential paid to policy holders when it changed from insurance co. To a stock co., my fathe...
Each state has unclaimed property that companies turn over to the secretary of state. They hold that unclaimed property for several years (many years) and have websites where you can search for your name. In Missouri, they also publish the lists in the newspaper yearly. If the information is still on their website, it hasn't echeated to the state yet, and you should follow the procedure to file the claim, rather than worry about when Prudential turned over the assets to the state. Somebody might have been getting the dividend checks and cashing them, and if that was the case Prudential would not know he was dead. If it was paying dividends, there would also have been 1099-DIV tax forms sent to your father every year that somebody was ignoring. People can usually file the unclaimed property from the state without needing a lawyer.See question
Mother has recently passed and there was no will or trust in place.
Not enough facts to answer the question. If mom and step dad bought the house 25 years ago and titled the house into both their names as community property, then the house ownership would pass to step dad upon mom's death. Her kid are out of luck. If the house was titled to just mom, or mom and step dad as tenants in common (probably unlikely) then the house (or mom's 1/2 the house) would pass to her intestate heirs which is step dad and her children.See question