Questions tagged [estate]
14 questions
31
votes
3 answers
How can I deal with a legitimate check received that is made out to my deceased wife's name?
My wife passed away on the 17th of November 2022. I just sold her car to Carvana. When I got home I noticed the check was made out to my wife ($4,000). We did not have a joint bank account. I do my banking with Chime. How do I handle this?
Tony Piotrowski
- 311
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- 3
5
votes
2 answers
What are the specific financial implications of not being a US citizen after a spouse dies?
Given a normal marriage in the US. Given that couple has a 1 million dollar home and about the same in savings and the deceased spouse has 1 million in 401k what are the implications of the other spouse not be a US citizen (legally in the US on…
blankip
- 4,757
- 21
- 30
3
votes
1 answer
probate / inheritance proceedings - consolidation of all assets - giving out bank books to executor
I am in the process of a probate/inheritance since a relative of mine died.
There are different kinds of assets which the executor I hired to process the probate needs to consolidate. He already received necessary informations from the banks etc.
He…
boxer402
- 33
- 3
3
votes
0 answers
Estate received unexpected IRS refund - bank account is closed
I was administratrix of my late sister's estate. Last November, everything had been finalized, the final check written to her surviving spouse, and I closed the estate bank account. This week I received in the mail a refund to the estate from the…
Notsherly
- 31
- 1
2
votes
1 answer
How does the lifetime gift/estate tax exemption work for couples?
I'm aware that the lifetime gift/estate tax exemption was $13.61 million in 2024. I wonder how that works for a couple?
For example suppose a couple owns $20 million all together. If one partner passed away earlier than the other, when they…
CuriousMind
- 131
- 4
2
votes
1 answer
Portability of estate tax exemption after sunset
This is a question about the federal estate tax in the United States.
Suppose a married man died in (let's say) 2021, when the estate tax exemption was $11.7 million. He leaves his entire estate to his wife taxfree. She dies in 2023, when the…
WillO
- 209
- 1
- 6
2
votes
1 answer
is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?
My mother co-signed car loan for her grandson. Car was repo'ed 7/11/20. As executor of her estate ( she passed in 5/20), I received notice that the car would be sold on 7/29/20. I did not receive that letter prior to the sale date. The estate is in…
capt tuttle
- 21
- 1
2
votes
2 answers
Estate tax in the USA for non-residents
I read that the estate tax for non-residents on their US assets can go up to 40% with the first $60000 tax exempt. Suppose, as a non-resident, I have a brokerage account holding US stocks with the Indian arm of a US broker. Will this account be…
user2371765
- 1,084
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1
vote
0 answers
Which state to open estate account of decedent
My father passed away in New York without a Will and i live in Texas, only son and heir. Should i open up estate account in New York or Texas?
Jonathan Rogers
- 11
- 1
1
vote
1 answer
Is this inheritance will fair, or only equitable?
I'm formulating my will and I wish to provide for my three children. They are all aged near 50.
Two children earn 300k+ and have assets of over two million dollars each.
The third child has no income and 500k of assets. He has an autism spectrum…
Stewart Anstey
- 13
- 2
0
votes
0 answers
How Do I Compute Capital Gains for a Probate Asset Sold Without an Appraisal?
An Estate in NYC enters probate in May 2022. The principal assets are two houses in Queens, NY. One will become the primary residence for one Legatee, the other to be sold and proceeds given to the other Legatee.
Probate is delayed three years,…
MZDBA
- 101
- 1
0
votes
2 answers
TOD affidavit and Estate in Ohio
My son recently passed away, 1&1/2 years before his death he remarried, he was in an advanced cancer state, and she knowingly married him. While home, under Hospice supervision, the wife had my son sign a TOD affidavit one day before he passed,…
Donna D.
- 1
- 1
0
votes
1 answer
US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount
US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount
When I google "irs lifetime gift tax exemption 2023", I get this result from…
Marium
- 439
- 3
- 13
-2
votes
1 answer
Future house price prediction
When using house price estimation, will we be using non-compound growth rate or compounding rate, and why?
