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Questions related to end of life situations and how personal finance is involved.

2
votes
1answer
95 views

Is it safe to list a mother's maiden name on a death certificate?

I have to fill out a death certificate, and one of the questions is the maiden name of the parent... Death records are public, and the maiden name plus some tiny amount of information is enough to ...
2
votes
0answers
51 views

What is the equivalent of a nominee system in US banks?

If I want to ensure that my bank account funds are transferred to my parents, who live in India, (I would assume through some legal proceedings) in my absence, is there any method to nominate them ...
4
votes
1answer
49 views

How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?

My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
0
votes
0answers
33 views

Self-executing 50-50 split of assets in a trust

Suppose I would like to set up a trust to pass along my estate to two beneficiaries. My goals for this trust are: Assets are given out according to a schedule based on beneficiary ages (i.e., the ...
2
votes
1answer
79 views

Used ToD life insurance to pay estate bills; any tax benefit to the insurance beneficiary? (USA)

The deceased owned the life insurance policy and named a single beneficiary to receive the insurance money (transfer on death). That single beneficiary used all of the life insurance proceeds to pay ...
0
votes
2answers
94 views

Can't find my deceased mother's taxes BC Canada

My mother is recently deceased and I have officially finished tearing through her things. I found a filing cabinet that SHOULD have had her taxes in, and a fire safe that also should have had them in,...
1
vote
2answers
249 views

Bank account when owner dead

What does a bank typically do when the account owner dies, and nobody came to claim the money? Do they leave the money in that account ad vitam aeternam, or does it get collected and used at one ...
1
vote
0answers
37 views

The effect of a consumer proposal on the estate of a deceased co-signer of a loan

I have finished my consumer proposal,however, my mom co-signed a loan that was included in it. I understand the creditor can still try and get the money from my mom, however she is a pensioner and on ...
3
votes
1answer
220 views

How long after a US serviceman is killed would the family receive the 100K death benefit?

Under ordinary circumstances how soon after a serviceman's confirmed death would the family actually have the 100K to use for expenses? (My understanding that this 100K is in addition to life ...
1
vote
1answer
50 views

Tax forms required for heirs who receive money from sale of an estate?

The probated estate is small; no state or federal taxes will be owed for the estate or for those who inherit. The property will be sold and money distributed to the heirs. Are federal 1099s still ...
3
votes
1answer
103 views

Parents deceased but still owe for refinance loan

My mother and father refinanced their home but they both passed away before it was paid off. My name is listed on the deed along with my mother. Am I responsible for the loan because my name is on the ...
2
votes
0answers
96 views

Depositing / Cashing Inherited Checks (CO, USA) [closed]

My partner has inherited a small amount ok money in the form of checks from and payable to her deceased mother. Her mother did NOT have a bank account, the sums are not enough to warrant probate, her ...
5
votes
2answers
447 views

Why would a life insurance exclude suicide for the first two years of policy duration only?

I'm currently reading terms for life insurance with survival benefit and investment. It's like you pay ten thousand USD each year and five years later you get back forty thousand USD (the four ...
5
votes
1answer
188 views

What happens to your assets if there is no heir?

I have read a lot of articles about what happens if you die without a will in a variety of situations (married, single, domestic partners, with/without children, etc.). Most "extreme" is that you die ...
8
votes
1answer
182 views

Can an incomplete 401k hardship withdrawal be reversed due to death?

The situation is that a friend was terminally ill and was struggling financially and so took a hardship withdrawal. His health took a turn for the worse and died before he received the check. Now his ...
0
votes
1answer
113 views

Inherited Annuity Income

My father recently passed leaving a annuity to my brothers and me. I made a mistake of taking a full withdrawal without consulting a professional a month ago. It was had federal taxes withheld, but ...
9
votes
2answers
339 views

How long do credit cards keep working after you disappear?

This may be a morbid question, but let's treat it as a thought experiment: how can I keep my website running for posterity after I die? Say I have enough ad revenue from the site to pay for web ...
4
votes
1answer
106 views

sorting out pensions on death

My mother passed away about 14 months ago. She had 3 pensions that are going to pay a lump sum out due to her death, she died before pensionable age. She nominated me and my two brothers to be the ...
0
votes
1answer
138 views

joint savings account requiring three signatures

Savings account requiring three (and) signatures for withdrawals. Does the (and) change to (or) upon the death of one of the signatories? Wells Fargo bank changed the requirement for two signatures ...
6
votes
1answer
326 views

How does a reverse mortgage affect the owner's children, after death?

Note: Questions are bolded for clarity. So the history is that my Dad just passed away recently, and I've had to do some research on how a reverse mortgage is going to affect things. So I understand ...
7
votes
1answer
853 views

Which retirement accounts can my spouse spend immediately if I die?

Which, if any, of my tax-advantaged retirement accounts would my spouse be able to access without tax penalties if I die before she is 59 1/2? I have a 401(k), a Roth IRA, and an HSA. My spouse is ...
3
votes
1answer
229 views

What happens to your spouse's sole proprietorship if they die?

In this case, it is a construction company located in the United States. It is owned by one spouse, all bank accounts/credit cards etc. are co-signed by both. However, the business is a sole ...
3
votes
1answer
467 views

How do we decide where to pay back debts when someone dies without a will and has both Credit Card Debt and Debts to Family Members?

I have an aunt that died without a will and with a large amount of credit card debt. She lived in Illinois before her death. Before she passed away, I physically took care of her and paid a large ...
8
votes
2answers
3k views

What will happen to this life insurance policy obtained just before a possibly terminal diagnosis?

A family member in his early 40s recently suspected he may have cancer due to digestive issues. A life insurance policy for $500k was purchased. A basic medical exam to determine eligibility was done. ...
6
votes
1answer
559 views

What happens to a HELOC after a death?

My situation is as follows: up until a few months ago, my father, mother and I lived in a house (in Canada) which was solely in my mother's name. There is a home equity line of credit associated with ...
1
vote
1answer
86 views

Do proceeds from a sale count as income for the decedent or the estate when agreement is prior to death and payment is after?

This is a question about US taxes and accounting. The documentation I've read says that if an estate is run on a cash accounting system, then any income received after the decedent's date of death is ...
4
votes
1answer
642 views

Does the death of a spouse affect capital gains calculation of the jointly owned home?

Say a couple jointly owns a primary home free and clear, and then one of them dies. The title is then transferred to the survivor. Does the fact the title transferred reset the clock for when the home ...
1
vote
2answers
239 views

Life Insurance Policy for my Dad

My dad want me to get a life insurance policy on him. I have no clue where to start or even what type of questions to ask. What are the positives and negatives of buying a policy. Is it a sound ...
0
votes
1answer
468 views

My sister borrowed money on a home thats not hers, how can I protect the home?

After the death of my sister, my mother finds out she had taken a mortgage out on mom's home. The deed and taxes are only in mom's name. The bank came out taking pictures yesterday. Mom is 72 ...
15
votes
1answer
1k views

What will happen to my wife's debt when she passes away?

I am currently a Washington state resident but my wife is still an Oregon resident. Recently she has had some health issues and has been given a short amount of time left to live. We are trying to ...
10
votes
1answer
1k views

Estate liability for co-signer to Sallie Mae student loan?

My son has student loans. I co-signed on three that are currently with Sallie Mae. He stopped paying so I am doing that in order to protect my own credit. What is my estate's liability should I die ...
7
votes
2answers
5k views

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 ...
2
votes
2answers
384 views

Taxes on money received from a death benefit

When my father had passed away, all of us kids signed off on the rights to any of his money/assets to our mother. Upon receiving the money, she had paid taxes on them. She then dispersed an amount off ...
10
votes
3answers
2k views

What happens to 401(k) money that isn't used by the time the account holder dies?

What happens to un-withdrawn 401(k) funds upon the death of the account holder? Can they be transferred to an heir? What are the tax implications (if any) of this?
8
votes
2answers
46k views

If you receive life insurance, does the estate have any claim to it? Do you have to use it to pay for debts of the estate?

If after someone dies, you receive life insurance as the beneficiary, is the estate entitled to any of that money? Are there cases where the life insurance money can be included in the estate and ...
9
votes
1answer
1k views

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 ...
19
votes
4answers
8k views

Where should I put my will so that it can be easily found when the time comes?

This has been puzzling me for a while. What is the best place to keep a last will and testament so that it can easily be found and executed obviously without any help from me? I've seen a lot of ...
8
votes
2answers
262 views

Locating all the deceased's assets in the UK

Is there anyway, in the UK, for an executor of a will to locate all the deceased person's assets? Or, to put it another way, how can one be sure that all the deceased person's assets have been located?...
5
votes
1answer
2k views

What happens if I co-sign a loan and the borrower or debtor dies?

What happens if I co-sign a loan and the borrower or debtor (the person that borrowed the money) dies? Does the co-signer then assume full liability over the loan, i.e. become the new and sole debtor?...
8
votes
6answers
3k views

Are funeral plots a good investment?

At the risk of sounding morbid, is it worth looking into cemetery plots/mausoleum storage? Is it correct to assume that these costs will increase over time?
11
votes
4answers
13k views

Co-signing & dying: What if a loan co-signer dies? Is estate of co-signer liable?

A grim and tragic question perhaps, but I'm curious: What happens when a person that co-signed on a loan dies? Is the co-signer's estate potentially liable until the loan is paid off, the same as if ...