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If you owe someone money and they pass away before you pay them back, is that money considered a gift and are taxes owed?
Steven's answer
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Answered on October 14, 2013
I agree that the death of the person giving the loan does not transform it into a gift. The executor should have filed a claim against the...
Archived
Do we have to pay an inheritance tax on a life ins. deferred annuity my sister and I are the beneficiaries.
Steven's answer
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Answered on October 14, 2013
On a PA inheritance tax return situation, life insurance is not taxable (for inheritance tax purposes) if the beneficiary is a named individual(s)....
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For the State of New Jersey, how do I do a financial general poa - do me and my mom just sign, get notarized and it's legal?
Steven's answer
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Answered on October 14, 2013
You can get a power of attorney on the internet but you will not know if it is done right. Take a little bit of time and reasonable sum of money...
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Which estate gets probated?
Steven's answer
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Answered on October 14, 2013
Very likely both estates - 1. Probate to get the property from Dad to Mom. 2. Probate to get Mom's property to the kids (including what she got...
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Estate plan included Family Trust, Living Trust, and a Will. Which one trumps all? California law...
Steven's answer
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Answered on October 12, 2013
Without more details this question can't be answered. The assets will pass depending on how they were owned (in a trust, in decedent's name (then...
Archived
Does Executor Need to File a NJ Estate Tax Return?
Steven's answer
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Answered on October 12, 2013
Typically if the gross estate exceeds $675K you still have to file the return and can't just do it by the L-9. It may be a uncomplicated estate...
Archived
77 year old parent dies. All his finances are either JWROS with adult daughter or POD to one or more of his adult children.
Steven's answer
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Answered on October 12, 2013
Sounds like the personal property is the only actual probate property so a small estate procedure is likely in order.
Archived
Trust distribution taxable?
Steven's answer
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Answered on October 12, 2013
This is a more complicated scenario then you realize. The bottom line is that if a portion of your inheritance is trust or estate income...
Archived
My wife is half beneificeries of her mothers will ,her brother is taken control of moneys and not tell sister anyting
Steven's answer
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Answered on October 12, 2013
Okay. Obviously this is a problem. Your wife, as a beneficiary, has rights. She should assert them by hiring an attorney to request that the...
Archived
My mom passed leaving a will - estate is split evenly between us four siblings.The executor, wants probate. Is it necessary?
Steven's answer
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Answered on October 12, 2013
Well, first off, signing anything without understanding it is a bad idea. Second, you are likely to have to probate the estate if mom died leaving...