The phrase "death tax" is commonly used by the media to refer to an estate tax, an inheritance tax, or both. It has no legal basis, and no tax by this name actually exists. A death tax can be any tax that's imposed on the transfer of property after someone's death, whether it...
Term life insurance is a guaranteed life benefit paid to the insured's beneficiaries after death. Policies last for a specified term, usually 10, 15, 20 years or more.
Who Is Considered an Heir? Children are considered to be heirs and are the most common example. If no children are living, then a person’s grandchildren are considered to be heirs. If a person has no children or grandchildren, then the next closest living relative would be considered an h...
Dying without a will in Texas is known as dying intestate. Dying intestate in Texas means that youdo not have control over what happens to your estateafter your death. Your specific wishes for your estate will not be considered. Instead, if you die without a will, your estate will likely ...
Most trusts are living trusts, or trusts that are created while the grantor is still alive, as part of their estate plan. The assets can be distributed after your death or during your lifetime. Living trusts allow you to bypass probate court processes associated with wills or intestate estate...
Generally, an SPIA is considered to satisfy RMDs beginning in the 2nd policy year for life. So you do not need to figure RMDs with respect to the IRA money that you use to buy the annuity. By the same token, your monthly payments received fro the IRA annuity are not applied to satify...
What is life insurance? Life insurance is a contract between you and an insurance company. In exchange for premium payments, the company pays a sum of money, known as the life insurance death benefit, to your beneficiaries when you die. Beneficiaries may include your spouse, children, or othe...
Unmarried partners and friends aren't considered next of kin. If you want them to receive your assets after death,name them as a beneficiaryin your will or trust. What is the difference between next of kin vs. beneficiaries? Your next of kin are your closest surviving relatives, but a ben...
We will take steps to block the loan or overdraft account after we are notified of the death. This means, for example, that the estate of the deceased will continue to owe the money on the loan or overdraft. We will use any money that is in an account in the sole name of the decea...
As mentioned earlier, as long as one joint tenant survives, it avoids the headaches of clearing the property through anestatevia a will.2Typically, a person's will upon death goes through probate, which is a legal process whereby the courts review a will to validate it. Typically, when a...