They can provide asset protection, minimize taxes, and provide for family members. However, it is important to understand the different types of trusts and the tax implications before creating a trust. Consulting with a qualified estate planning attorney is the best way to ensure that the trust ...
Tammy was the sole owner of the family’s home. She admitted under oath that she made payments out of the joint account to pay the mortgage, utilities, property taxes and any other costs of running the home. Certain amounts were also transferred from the joint account into Tammy’s persona...
What Happens to Bank Accounts When Someone Dies When a person dies and has a will, the named person in the will is appointed the executor of the estate. Where there's no will, a family member typically has to file a petition with the probate court asking to be appointed as administrator...
Payment of Prescribed Fees.In the course of obtaining the Letter of Administration, Solicitor may be required to pay certain fees such as Publication Fee, Estate Fee, etc. as administrative charges and government taxes. Collection of Letter of Administration.After due compliance with all the laid ...
If there are insufficient assets to pay the debts of the estate, the real property may sometimes need to be sold to pay income and estate taxes and debts. Note that a will may also leave a property to a trust, in which case a deed would be prepared by the estate executor to the tru...
Death taxes that must be paid when a Kansas resident dies include the federal estate tax and the Kansas inheritance tax. The federal estate tax is based on the value of the assets in the taxable estate of the deceased. The taxable estate is not the same as the probate estate, since it...
Once you've opened the account, you can request to transfer the funds from the deceased's bank accounts to it. You'll use the estate account as a central repository to gather cash, pay taxes, settle bills and start making transfers to the deceased's beneficiaries. ...