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Questions tagged [death]

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

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TOD affidavit and Estate in Ohio

My son recently passed away, 1&1/2 years before his death he remarried, he was in an advanced cancer state, and she knowingly married him. While home, under Hospice supervision, the wife had my ...
Donna D.'s user avatar
1 vote
1 answer
107 views

Recently my mother died - how to handle her living trust account - Does the date of trust formation change?

A few months ago, my mother died. She had a living revocable trust which reported its income to the IRS under her social security number. When she died the trust became irrevocable and I went to the ...
Bob's user avatar
  • 1,711
0 votes
0 answers
56 views

Form L-8, Death in New Jersey and a TOD account

Consider the following hypothetical case. A parent (living in New Jersey) dies, in 2023, leaving all his money to his daughter, who is over 21, in the state of New Jersey. His sole assets are two ...
Bob's user avatar
  • 1,711
12 votes
1 answer
2k views

GE historic stock price on DOD changed

My father owned GE stock and he died in November. In late November, for my appointment with the probate court, I looked up the closing stock price for the day he died. Unfortunately I downloaded the ...
Suzanne Marie's user avatar
31 votes
3 answers
9k views

How can I deal with a legitimate check received that is made out to my deceased wife's name?

My wife passed away on the 17th of November 2022. I just sold her car to Carvana. When I got home I noticed the check was made out to my wife ($4,000). We did not have a joint bank account. I do my ...
Tony Piotrowski's user avatar
1 vote
0 answers
115 views

Is there any compensation or financial aid for essential workers who died from COVID-19?

My mom was an essential worker (production plant) and contracted COVID-19 in July 2020 and died from it in August 2020. Her work required symptomatic people with no PTO to report to work or be ...
Trisha's user avatar
  • 11
0 votes
1 answer
330 views

Taxes on "Joint Tenants with Rights of Survivorship" stock brokerage account upon death of non-resident alien

Suppose two US non-resident aliens (parent and grown child) open a "Joint Tenants with Rights of Survivorship" stock brokerage account. When one of the account owners dies, does the other ...
Flux's user avatar
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0 votes
1 answer
136 views

Cosigner is deceased, is spouse automatically put on mortgage [closed]

My father passed away in 2014. My original bank sold my mortgage to another bank. The new bank put my mother's name on my mortgage statement. What does that mean for both of us? I did fill out a quit ...
Leslie's user avatar
  • 1
1 vote
1 answer
293 views

Transferring deceased owners IRA to my inherited IRA

I am liquidating a deceased owners IRA (I am executor). I have opened an Inherited IRA at another institution. Institution1 has to sell the stocks, open an Inherited IRA for me. I have to initiate ...
user110940's user avatar
4 votes
2 answers
546 views

Is property with a transfer-on-death deed on it part of "the estate"?

My parents, in Colorado, would like my sister and I to be able to avoid probate when they pass away. They have a home (mortgage still in the process of being paid off) but not much in the way of other ...
Gabriel's user avatar
  • 227
4 votes
0 answers
113 views

Prepaid funeral expenses 15 years ago, with 3.6% interest, should estate get some money back?

My wife and I are executors of the estate of a recently deceased neighbor with no family. She had very little. She had prepaid for her funeral, which of course was very small during the current ...
Brian B's user avatar
  • 199
0 votes
1 answer
167 views

Brokerage in US Bank Won't Print TOD name on Monthly Statement

I am in USA and have Brokerage account with Bank. When I opened account, I said who it should Transfer On Death (TOD). When I get monthly statement, it said "TOD ", but it does not print ...
Marium's user avatar
  • 373
2 votes
1 answer
234 views

is estate responsible for debt co-signed by decedent for car loan if car repo'ed AFTER the death?

My mother co-signed car loan for her grandson. Car was repo'ed 7/11/20. As executor of her estate ( she passed in 5/20), I received notice that the car would be sold on 7/29/20. I did not receive that ...
capt tuttle's user avatar
8 votes
2 answers
343 views

Death checklist

A relative of mine is in declining health and his wife fears he may die in the next few weeks. I would like to give him a checklist of things he needs to write down. Something a bit more detailed ...
Dev1's user avatar
  • 559
40 votes
2 answers
5k views

How close is the fate of Berkshire Hathaway tied to Warren Buffett?

We all are humans. Humans are mortal, and so is Warren Buffett. Given that he is an elderly man close to 90, it is quite likely that he will pass away in the next few years. Sad events like these ...
glglgl's user avatar
  • 5,415
3 votes
0 answers
119 views

When do UK creditors pursue a debt after the debtor has died?

According to StepChange, creditors don't normally pursue a debt of someone who died if there isn't a large estate: Most unsecured creditors will normally write off a debt (like a personal loan or ...
Matt Zeunert's user avatar
18 votes
1 answer
9k views

Who does the money go to if "everyone" in a family dies?

I watched this movie yesterday, and there's a scene in it where they execute an entire Mafia family (parents, siblings, cousins, relatives and whatnot). It made me think of this question. If an ...
Snow's user avatar
  • 1,173
2 votes
1 answer
216 views

What happens to the insurance payout on home insurance if the policyholder dies when the home is destroyed?

After talking to my dad the other week, he mentioned his home isn't insured, because he can't afford it. I've been looking up policies which would suit him, and I'm planning on paying for the policy ...
Agent's user avatar
  • 21
1 vote
1 answer
179 views

Would like to understand why Social Security Administration (SSA) snafu happened

My bank resolved the following problem in less than two days, but I would like to understand why/how the problem happened. My husband died in mid-January, and several days later his Social Security ...
ab2's user avatar
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8 votes
1 answer
3k views

Grandmother's MetLife policy showing up as unclaimed property

Last week, a former co-worker encouraged me to search for unclaimed property in Michigan. I've done this before (several years ago) and did not find anything. However, since I changed jobs a few years ...
Parker's user avatar
  • 413
8 votes
1 answer
261 views

How do taxes work if one's spouse dies?

My question is not for estate planning, but to understand taxes (similar to question for Canada) but when taxes have been filed regularly (and pertaining to the U.S., not Canada). Suppose a couple ...
Neil's user avatar
  • 1,065
1 vote
0 answers
128 views

If the broker invokes this clause to sell assets to themselves on death, how is the price determined?

Recently I was considering opening a new brokerage account and found the following troubling clause in the account agreement: The transcription, with my emphasis added: You authorize us and we ...
Ben Voigt's user avatar
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8 votes
1 answer
272 views

Mistaken identity error (I am dead) - property tax issue [closed]

I purchased my home in Florida, Palm Beach county, in 2005 and I received my homestead exemption. Last week I was checking something on the Palm Beach Property Appraiser website and to my surprise I ...
George's user avatar
  • 113
1 vote
1 answer
254 views

How to allow some other person to access my bank (or PayPal) account in some emergency?

I was thinking in a situation for example like an accident, resulting in a coma or something like that. Is it possible to allow someone else to manage our bank or PayPal accounts in that case?
Enrique's user avatar
  • 593
3 votes
1 answer
1k 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 ...
Bryce's user avatar
  • 2,560
2 votes
0 answers
1k 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 ...
CS101's user avatar
  • 121
4 votes
1 answer
81 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 ...
Just Doing the Right Thing's user avatar
2 votes
1 answer
159 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 ...
RJo's user avatar
  • 511
0 votes
2 answers
134 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,...
user1316538's user avatar
2 votes
2 answers
308 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 ...
Wadih M.'s user avatar
  • 203
1 vote
0 answers
66 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 ...
Zoe's user avatar
  • 11
3 votes
1 answer
345 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 ...
BobE's user avatar
  • 688
1 vote
1 answer
436 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 ...
RJo's user avatar
  • 511
3 votes
1 answer
154 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 ...
user66206's user avatar
8 votes
2 answers
1k 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 ...
sharptooth's user avatar
  • 2,889
5 votes
1 answer
446 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 ...
Michael's user avatar
  • 10.2k
8 votes
1 answer
281 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 ...
Mary's user avatar
  • 81
0 votes
1 answer
139 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 ...
tommy's user avatar
  • 1
9 votes
2 answers
376 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 ...
Dan Dascalescu's user avatar
4 votes
1 answer
245 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 ...
user1450877's user avatar
0 votes
1 answer
493 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 ...
Bernie Sanchez's user avatar
5 votes
1 answer
679 views

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

My Dad just passed away recently with a reverse mortgage. I understand how the reverse loans works, by basically putting the house up as collateral, and receiving an amount based on the home's equity (...
dakre18's user avatar
  • 207
8 votes
1 answer
892 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 ...
Charles's user avatar
  • 502
3 votes
2 answers
813 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 ...
maplemale's user avatar
  • 1,541
3 votes
1 answer
579 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 ...
mj_'s user avatar
  • 157
8 votes
2 answers
7k 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. ...
maplemale's user avatar
  • 1,541
2 votes
1 answer
211 views

Phantom Bank Regulations

I was power of attorney for my mothers account. I closed the account at the time of her passing away and received a cashiers check for the balance. A credit came in for 42.00 and the bank reopened the ...
Bill Stotts's user avatar
6 votes
1 answer
2k 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 ...
Swiftheart's user avatar
1 vote
1 answer
109 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 ...
Bernard Dy's user avatar
5 votes
1 answer
763 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 ...
jxh's user avatar
  • 163