If a mortgage company does a "forgiveness" of x amount of dollars is the person who holds the loan obligated to pay taxes on it?

The portion of the loan (if you are responsible under the note) that is discharged or written off can be considered discharge of indebtedness...

My sister is head of my parents trust/will and both parents have past away.

The timeline for the settlement of an estate and/or trust can vary greatly depending on the complexities of the matter and even in a case that...

My husband died without a will and now his children said that a will surfaced does it have to be recorded its been four days

If there is a will or what is purported to be a will the person in possession is obligated to lodge it with the Register of Wills (hopefully in the...

Letter from IRS closing Estate

The first question would be, was it a federally taxable estate? (Federal Estate Tax - Form 706). If not, such a letter is not necessary. In...

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My mother gave me POA but wants me to sign as a joint owner on an account

This question is probably harder to answer that you might imagine because there appears to be more going on beneath the surface. You and your...

Can a parent in North Carolina will their possesion's to only one offspring and leave nothing to the other child who lives in a

The issues of what a person chooses to leave to whom, and their mental capacity are distinct things. A person, with certain exceptions for living...

What rights do I have in a house I inherited with my two sisters after our mothers death

It is not clear if the estate was properly settled (closed out, deed made to sister executed and recorded) or not but if you owe 1/3 of the house...

I have a revocable trust

Yes, your trustee could sell your property after you pass. In fact, unless you specify not to, there is a very high likelihood that a beneficiary...

New company needing employee tax information Please

The bottom line is that if you have even 1 employee (and what constitutes an "employee" is some times up for debate) you have to withhold for them...

What does the following statement written in a will mean?

This means that the "residue" or "remainder" of the estate (which is everything not otherwise given or specifically mentioned) goes to the person...