Questions tagged [estate-settlement]
42 questions
27
votes
1 answer
Estate with negative net worth
If someone dies with a negative net worth, what happens to the bills and debts that they leave behind? If I am the next of kin, or if I am the estate administrator, am I responsible for the debts?
Assume for the sake of this hypothetical question…
ChrisInEdmonton
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19
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9 answers
What is an escrow and how does it work? Practical example
I cannot understand the concept of escrow.
Wikipedia provides the following example:
Escrow generally refers to money held by a third party on behalf of
transacting parties. It is mostly used regarding the purchase of
shares of a company. It is…
robertspierre
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13
votes
2 answers
Is there a way to disclaim an inheritance and decide who gets the inheritance that you disclaim?
Is there a way to disclaim an inheritance but be able to decide who gets the inheritance that you disclaim?
FYI, we are talking about a non-spousal inherited traditional IRA account. The original traditional IRA was left to siblings in a share…
blindsandal
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12
votes
2 answers
Disclaiming part of an Inheritance
Say a relative passes and leaves all of his money to two of his three children.
His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit of spite made a change and wrote a child out.
If…
newUserNameHere
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11
votes
1 answer
When someone receiving Social Security dies, does the estate have to give back their last "paycheck"?
When someone receiving Social Security in the US dies, I have heard that there are some cases where the estate must return the last payment made by Social Security.
It makes total sense to me that if someone dies on the 25th and gets a Social…
Alex B
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10
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4 answers
Will says "divide estate equally". Life insurance has one named beneficiary. Can proceeds be made estate property?
If a parent dies and leaves a will that divides the estate equally, but also leaves a life insurance plan that names only one child as a beneficiary, can the other siblings force the life insurance proceeds to become part of the estate? And if so,…
sharon
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9
votes
2 answers
Is an uncashed cashiers check of deceased mother part of her estate wrt probate
My mother recently died. At her home we found an uncashed cashiers check that is 11 months old. The check was given to her by her sister (my aunt). It was a disbursement from my mother’s own inheritance when my grandmother died last year. The check…
mrjrdnthms
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8
votes
2 answers
Does money received from the estate of a deceased parent count as income?
My father passed away last year and my uncle was listed as executor of the estate. He liquidated the entire estate and it was released from probate last month. All of the children received an equal share of the benefits of the estate. Is that money…
Sheri
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7
votes
2 answers
Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?
My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were previous years personal state and federal taxes. …
Rebecca
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6
votes
2 answers
Should an IRA be disclaimed to allow it to be distributed according to a will?
My father recently passed away and left me as executor of his estate. His intention was to leave my mother 50% of his estate and my sister and me 25% each. He had told us this verbally and also had it documented in his will.
However, the majority…
FDRobinette
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6
votes
2 answers
How does the US Estate Tax affect an Australian with investments domiciled in the US?
The Australian Stock Exchange lists several popular Exchange Traded Funds that provided exposure to the US market (e.g. IVV and VTS).
Some of these are CHESS Depositary Interests (CDIs), described in the VTS Prospectus as:
CDIs are Australian
…
Kelly Thomas
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6
votes
2 answers
Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?
My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not.
The home is still in the name of "Estate of [my father]". My brother is supposed to…
Kat
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5
votes
1 answer
Mechanism for long-term control of estate distribution?
This is an estate planning question. I want to accomplish certain longer-term control over distribution of assets and I'm wondering if there is a standard mechanism for doing it.
Situation
Say I have a number of relatives -- Sally, Mary, and Joe --…
fixer1234
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5
votes
2 answers
Does life insurance have to go into an estate account?
My Son passed away and had Life Insurance from work. He did not name a beneficiary. The insurance company sent us some paperwork and we filled it out. The company determined through succession that his Mom and I were the next in line. The money is…
Wayne Schultz
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5
votes
1 answer
What needs to be done to transfer IRA accounts when someone dies?
My mother has died, and she had a number of IRA accounts in her name for which I am a 50% beneficiary. One was a Roth IRA. The Financial Advisor she was using wants to charge me exorbitant fees just to transfer these accounts into my name; I do not…
Josh
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