Sometimes the assets of a deceased relative or friend become lost or go unclaimed for years. Often bank accounts, trusts, bonds and royalties can be missed. In order to claim property from a deceased individual, you must be a rightful beneficiary who is either mentioned in the will or is a...
Sometimes if a person dies, the assets they have are not clear. This usually is because the deceased person did not organize financial documents well, but other times it is because the person intentionally kept finances private. When a parent dies, it is especially important to check into what...
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 are allegations of neglect or abuse by the parents, grandparents may petition for custody or visitation. When to Seek Legal Advice Not all situatio...
Nothing is certain -- even in death; Wishes of the deceased over how assets are divided must run legal gauntlet before reaching beneficiaries.Dian Vujovich
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 ...
it is important to make sure that the property is divided as described in the divorce decree. Although different assets are transferred in different ways, allreal estate is transferred by deed. At the time of the divorce, the spouses should sign a deed to divide their real estate among thems...
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An inheritance tax is a tax imposed by some states on the recipients of inherited assets. In contrast to an estate tax, an inheritance tax is paid by the recipient of a bequest rather than the deceased's estate. The inheritance tax is not common in the U.S. In fact, just six states...
estate taxes by using the deceased spouse’s estate tax exemption. Assets in the "B" trust can be used by the surviving spouse for their lifetime, with some restrictions. Upon the second spouse’s death, the assets in the “B” trust are distributed to its beneficiaries—usually their ...
How to Sell a Deceased Relative's Car Who Gets the Money? You might find that you are limited as to your options for selling the car. For example, if your spouse's assets must go into a pool that is split among heirs, you won't be able to sell the car to a child for $1 or...