An estate sale is a popular way to distribute a family member’s possessions after death. It involves selling items directly out of the home they belonged to. However, estate sales are not limited to the belongings of deceased individuals. They can also be held by individuals who want to se...
With so many Chinese migrating to foreign countries across the globe, many of them don’t really liquidate their China assets, so it is inevitable for their estate plans to deal with their assets in China. In my decade of experience, the main types of estate assets in China are re...
In cases where a deceased relative has left no will to dictate the succession of his estate, it is often prudent to assert your claim on the deceased person's estate as soon as the death is known to you. Writing a letter to claim a deceased relative's estate is usually only the first...
Generally, real estate held by a deceased person will pass to beneficiaries named in a valid will, if one exists. If no will exists, the property passes to intestate heirs under the New Jersey intestacy statute. In both cases, the property must pass through probate. However, certain assets ...
The last thing you want to do is to purchase a car from a deceased person, only to be notified later that an heir or other party is contesting the decedent's will – and your purchase of the car. If the probate court is allowing the sale of the car before it clears an estate, the...
Several types of deeds may be used to transfer real estate to an ex-spouse. These deeds arenamed after the warranty of titlethey provide. The spouse that is being removed could use aspecial warranty deedorwarranty deedto convey the property to the other spouse with a warranty of title. But...
Divorce or Separation: When a child’s parents divorce or separate, grandparents may step in to provide stability and maintain family connections. Death of a Parent: The surviving parent may limit or cut off contact with the deceased parent’s extended family. Child Welfare Concerns: If there ...
Probate is the legal process by which a deceased person’s assets are categorized and distributed to his heirs and creditors. When a person dies with assets, a personal representative of the decedent (either the executor or a person who wishes to become the administrator) should open a probate...
finalized. This alerts creditors that they need to file a claim for any outstanding debts against the deceased individual. The creditors will need to put claims in if they want to get paid on these debts. Once the claims have been filed, you can pay them with assets from the estate. ...
Any surviving spouse in the U.S. is entitled to the stepped-up basis on inherited assets previously owned solely by the deceased. Step-Up in Basis as a Tax Loophole The step-up in basis tax provision has often been criticized as a taxloopholefor wealthy families.8The Congressional Budget ...