I inherited a life ins policy from my mom who just passed. Do I pay inheritance tax on it?
Life insurance is not income taxable and it does not have to be used to pay creditors as it is not part of the probate estate.
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Largo, FL
Estate planning Lawyer at Largo, FL
Practice Areas: Estate Planning, Tax ... +2 more
Life insurance is not income taxable and it does not have to be used to pay creditors as it is not part of the probate estate.
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I concur with Attorney Sternisha
Follow Attorney Powers advice
Sorry for your loss. They are not entitled to the life insurance benefit but may have some rights to other assets depending on how they are...
You will not be responsible personally for your dad's debts. The POA generally does not have to be recorded until someone will not accept...
Personal effects and car are not usually part of the trust and can be distributed outside the trust without probate.
Have a new will drafted(or trust) deleting one son. Have the attorney add language similar to-"I have omitted my son__________ for personal reasons.
Concur with Attorney McMahon. You need to meet with a guardianship attorney in Missouri.
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Not public information until death. You won't get a copy now unless she gives it to you.
I recommend to my clients that they have their documents reviewed every three years(no charge for review meeting). Changes do not always dictate...