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40 votes
4 answers
3k views

Will my children owe taxes on my life insurance proceeds?

I had always thought that life insurance proceeds were not treated as taxable income. From IRS publication 525: Life insurance proceeds paid to you because of the death of the insured person are not ...
Portman's user avatar
  • 496
27 votes
1 answer
2k views

Estate with negative net worth

If someone dies with a negative net worth, what happens to the bills and debts that they leave behind? If I am the next of kin, or if I am the estate administrator, am I responsible for the debts? ...
ChrisInEdmonton's user avatar
25 votes
8 answers
5k views

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

I want to build a small empire of my own over time in real estate. I want to pay 20% for a house and rent it out for a small profit (hopefully make around 3 - 5k a year in profit) and then pay it off ...
user51866's user avatar
  • 283
19 votes
4 answers
9k 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 ...
JohnFx's user avatar
  • 53k
15 votes
3 answers
1k views

Is it worth having a pension?

I know this could be a duplicate of other questions here, but I think I have a different take on it which may be of interest to others in a similar frame of mind. Some background I'm self-employed ...
Gary's user avatar
  • 283
15 votes
1 answer
286 views

Elderly person selling mutual fund?

A friend is 98 years old and has 700K in a mutual growth fund (that is his entire savings). Cost basis was only 10K. He wants to withdraw it and put it in cd's. He does not touch the money (ever) but ...
abby yorker's user avatar
12 votes
2 answers
3k views

Disclaiming part of an Inheritance

Say a relative passes and leaves all of his money to two of his three children. His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
newUserNameHere's user avatar
11 votes
3 answers
3k 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What happens to un-withdrawn 401(k) funds upon the death of the account holder?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?
warren's user avatar
  • 3,229
11 votes
4 answers
20k 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 ...
Chris W. Rea's user avatar
  • 31.7k
10 votes
1 answer
2k 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 ...
Ira's user avatar
  • 101
9 votes
2 answers
4k views

How to set up passive income from investments for children?

Let's imagine the following: Mr. Leopold is an investor. He managed to save fifty million rubles by investing by now. He has children, but he is afraid that they will waste all his fortune after he ...
Жёлудь-мистэ́р's user avatar
9 votes
6 answers
4k 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?
Zephyr's user avatar
  • 6,230
9 votes
3 answers
4k views

Employer wants a key man insurance policy on me, should I agree?

Friend is working for a small company as main person in charge of operations. The president is asking them to take out a key man life insurance policy on them. The benefit would pay out to the company....
William Entriken's user avatar
9 votes
1 answer
330 views

What happens when my 401K beneficiary is not my child, nor spouse?

I'm single and no child. My 401K beneficiary is my nephew. Should I pass away and he "inherits" my 401K, what will happen to it? How much will he be taxed for it? Is there a way to avoid any ...
user29808's user avatar
8 votes
1 answer
2k views

Avoiding estate tax by giving multiple gifts

From my understanding in the US, a father can give an individual gift of $15,000 to a child (or anyone) without any tax liabilities and without impacting the lifetime allowance. If the father wants ...
StrongBad's user avatar
  • 1,143
8 votes
3 answers
3k views

Does life insurance cover one's funeral costs, or should I save for it separately? How much?

What is common practice? What does it usually cost? Should I be thinking about this?
Nat_Rea's user avatar
  • 8,683
8 votes
3 answers
2k views

If the beneficiary of a Will is implicated or convicted of the deceased murder, does the Will still stand?

Honestly, I don't consider this to be a valid concern to my own financial planning, but having had the thought, I just wondered whether there are automatic provisions in law to nullify or remove ...
Andrew's user avatar
  • 303
8 votes
1 answer
3k 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?...
user avatar
7 votes
2 answers
1k views

Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?

My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were ...
Rebecca's user avatar
  • 71
7 votes
2 answers
488 views

Who would need a Umbrella Coverage (insurance)?

An estate planning attorney passed me this article on New York Times. For people who know about this stuff, how do I know if I really need this coverage before I am talked into it by a salesperson? I'...
grokus's user avatar
  • 1,036
7 votes
1 answer
273 views

Am I required to have a lawyer create / oversee creation of my will?

While specific to my current state of residence (Kentucky), I'm wondering in the general case for the US. Am I required to have a lawyer create / oversee writing my and my wife's wills? What do I ...
warren's user avatar
  • 3,229
7 votes
1 answer
372 views

Can I write my own will, or do I need a lawyer to draw one up for me?

I've seen software packages at Office Depot and such, and am considering using one. What are some pros/cons?
Nat_Rea's user avatar
  • 8,683
6 votes
8 answers
1k views

Is there a benefit, long term, to life insurance for a youngish, debt, and dependent free person?

Something that has been nagging at me lately. Let's take a person: 30 years old, US, non smoker, no significant medical problems No debt (of any kind, mortgage, student, or credit card) No plans to ...
Glorified Plumber's user avatar
6 votes
3 answers
8k views

What are my options if I don't have a relative who can be the executor of my will?

My wife and I have a new child and we're meeting with an attorney this week to draft a will. After doing some initial research, there are a few issues that make our situation a bit complicated: We ...
Finch's user avatar
  • 265
6 votes
1 answer
346 views

Any reason not to use a trusted friend known to my family as a will/estate executor?

I am not married and have no children, which means the handling of my personal property and finances in the tragic event of my death is less cut and dry than if either of those existed. I am putting ...
Glorified Plumber's user avatar
5 votes
2 answers
3k views

What are the specific financial implications of not being a US citizen after a spouse dies?

Given a normal marriage in the US. Given that couple has a 1 million dollar home and about the same in savings and the deceased spouse has 1 million in 401k what are the implications of the other ...
blankip's user avatar
  • 4,727
5 votes
1 answer
114 views

Mechanism for long-term control of estate distribution?

This is an estate planning question. I want to accomplish certain longer-term control over distribution of assets and I'm wondering if there is a standard mechanism for doing it. Situation Say I ...
fixer1234's user avatar
  • 151
5 votes
2 answers
130 views

In what sequence should I do these tasks?

I bought a house as an unmarried individual with a conventional mortgage. Years passed, i gained a spouse and child, and the three of us live in the same house. Now I want to do the following things: ...
Spencer Joplin's user avatar
4 votes
2 answers
5k views

Can a parent legally qualify for section 8 housing by transferring all assets to their child?

My mother wants move out of her large house and into an apartment. She wants to move to section 8 housing which has lower rents, but first must get rid of all her assets to qualify. Is it legal for ...
frankadelic's user avatar
4 votes
1 answer
137 views

How should I go about creating an estate plan?

Is having an estate plan important? How should I go about creating an estate plan? Any information about estate planning would be useful.
Ih2's user avatar
  • 195
4 votes
3 answers
708 views

Financial Advice for Newlyweds

My wife and I are newlyweds, and we are fortunate enough to have little debt and respectable incomes - since StackExchange is neither anonymous or private I won't disclose the real numbers, but I can ...
one.beat.consumer's user avatar
4 votes
2 answers
339 views

Executor of my will

I am drawing up my will. My lawyer wishes to know who I would like to name as executor (or personal representative, as they appear to be known in Canada). Can I name a person who already stands to ...
ChrisInEdmonton's user avatar
4 votes
2 answers
184 views

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

I have a number of cousins to whom I have left in my will, in equal shares, a minority portion of my cash and investments. The rest goes to charities. I also have some valuable jewelry and other ...
ab2's user avatar
  • 1,900
4 votes
1 answer
121 views

How should I leave money to a minor?

I'm single and have no children of my own. I'm contemplating leaving a little bit of money that I currently have set aside to my cousins kids (3 of them). I'm talking about less than 20,000 split ...
Justin808's user avatar
  • 163
3 votes
3 answers
409 views

Value of mother-in-law cottage for purposes of will

Let's say there's the following scenario. A couple who are homeowners and parents of three adult children build a small, one-story detached mother-in-law cottage (500 sq. ft.) with kitchen and ...
Seattle Part 2's user avatar
3 votes
1 answer
149 views

Money-market or cash-type ETFs for foreigners with U.S brokerage account

Non-US investors who have cash in their U.S brokerage accounts, say Interactive Brokers, will be subjected to U.S estate tax. What are some securities, ETFs that are close to cash that these foreign ...
curious's user avatar
  • 2,177
3 votes
1 answer
3k views

Can one designate a beneficiary for a savings account in Canada?

For most registered accounts, you can designate a beneficiary in the event of your demise. Is it possible to do the same for a regular bank or high-interest savings account without creating a will? An ...
fideli's user avatar
  • 2,283
3 votes
1 answer
535 views

Does the primary residence capital gains exclusion apply to irrevocable trusts?

I expect that with a revocable trust the capital gains tax exclusion ($250,000 in gains) on my primary residence will still apply. Does that tax exclusion apply when I place my house in an irrevocable ...
NL - Apologize to Monica's user avatar
3 votes
1 answer
305 views

is a US brokerage account for non-resident considered to be a US situs asset?

Assume a person that's not domiciled in the US. That person has a US brokerage / trading account (say in Fidelity or Charles Schwab) that holds shares of various listed companies (both US-based and ...
Marcus Junius Brutus's user avatar
2 votes
1 answer
768 views

$1.44 million in holdings: Help my non-retired, 80-year-old dad invest it [closed]

tl;dr    My 70'ish mother and 80-year-old, non-retired father have combined holdings of ~$1.44 million, haphazardly scattered over a number of instruments; help me help them design an intelligent ...
DaveyDiligence's user avatar
2 votes
2 answers
515 views

Is it inadvisable to leave a Roth IRA to charity upon death?

Short version: I have (for example) $50K of assets in pre-tax accounts, e.g. a traditional IRA, and $50K of assets in my Roth IRA. When I die, I want to leave $70K to charity and $30K to my siblings (...
John Bensin's user avatar
2 votes
1 answer
149 views

Do we need a revocable living trust?

I'm considering setting up a trust for my father but would like a second opinion before meeting with an estate planning attorney. His estate is fairly simple; a home, bank accounts, a CD, a vehicle, ...
justin's user avatar
  • 23
2 votes
2 answers
3k views

No provision for beneficiary at HSBC

Background: My wife and I live in California (if that matters) and have a living trust. My wife and I recently opened an online savings account at HSBC. APY is 2.01 which was the motivation. HSBC ...
BluedogVIP's user avatar
2 votes
1 answer
155 views

What happens to all my assets outside US if I die?

The event: I am Brazilian and a Green Card holder and I bought a house in Brazil. First question: Do I need to register this house in my tax return here in US? Second question: Suppose the scenario ...
Wagner Patriota's user avatar
2 votes
1 answer
173 views

What are risks / expenses to buy a house in Germany?

I think about buying a house in Germany (Frankfurt). How can I learn full list of expenses I should pay next at least ~15 years? My friend scares me that there are always hidden problems like central ...
Eugene Kaurov's user avatar
2 votes
1 answer
72 views

UK pension (SIPP) of a non-US citizen (and non-US resident) invested in US stocks - is it liable for US estate tax?

The title pretty much sums it up: I am not residing in the US and I'm not a US citizen. I do have a UK pension (SIPP) which is invested in US stocks. The SIPP is held with Interactive Brokers which is ...
Nick's user avatar
  • 217
2 votes
0 answers
52 views

UK inheritance tax for Jersey-born British passport holder living overseas?

I was born in Jersey, where there is no inheritance tax. I have a full British passport which doesn’t have the page about being a crown protectorate because it was issued in Beijing. I have never been ...
Snowman's user avatar
  • 121
1 vote
2 answers
195 views

Can a father structure his estate's inheritance to his children & one son-in-law in set percentages?

In a will from father to 3 daughters (I don't have a son), I can make a will giving equal shares to my 3 daughters. But, one of my son-in-law is giving me 50% of the total cost of the flat to ...
user13051's user avatar
1 vote
1 answer
2k views

Can you transfer a Roth IRA to someone else?

My friend's uncle manages a Roth IRA for him that is in my friend's name. He has had this account open since my friend was little (obviously before he was earning any income of his own). I don't know ...
flareartist's user avatar
1 vote
1 answer
97 views

taxes on home if quit claimed to son in entirety, but mom still lives there

Will my thirty-year-old son have to pay taxes on my home if I quitclaim him to the title? What if he just owns one-half of the home; how will that affect his taxes? We live in Boise, Idaho and he ...
Deborah Carey's user avatar