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My mother, Estate Income Tax, a living revocable trust and the 645 Election

In June of 2023 my mother died. At the time of her death she owned income producing assets such as stocks. Some of the assets were held directly in her name and others were held inside her living ...
Bob's user avatar
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2 votes
1 answer
101 views

My Mother's Estate, a living revocable turst and Income Tax

My mother died in June 2023. At the time of her death she had a living revocable trust which had several brokerage accounts. The living revocable trust reported its income to the IRS using her Social ...
Bob's user avatar
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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
1 vote
1 answer
94 views

Recently my mother died - how to handle her living trust account

Mary Smith (a fictional person) dies with several brokerage accounts and a living revocable trust. The trust has several brokerage accounts also. The name of the trust is Smith Living Trust. Now, ...
Bob's user avatar
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0 answers
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Filing for an EIN number for a Trust

Recently my mother died and her living revocable trust is now irrevocable. I am the sole trustee and sole beneficiary of the trust. I am also the executor of her estate. I need to file for an EIN ...
Bob's user avatar
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1 vote
1 answer
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Lab repeatedly submitted bill to wrong insurance. How do I resolve the issue?

I am handling the estate of my late step-father. In November 2021 he was in the hospital and had lab work done. The lab company sent the claim to the wrong insurance. My mother & insurance company ...
Minerva1us's user avatar
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
1 vote
1 answer
166 views

Questions about an estate inheritance in Florida

My father passed away last month in Florida and left his estate to me and my older sister. The estate is simple - his house (paid off 20 years ago), some household possessions, and a couple of bank ...
RiverNet's user avatar
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1 vote
1 answer
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Which state income taxes apply on executor income (executor resident state, or state in which probate occurs)?

I am a beneficiary and executor of estates of two relatives that died in WV. I reside in another state, which also has state income taxes. Do I claim the executor income in my state of residence? or ...
peinal's user avatar
  • 113
19 votes
9 answers
6k views

What is an escrow and how does it work? Practical example

I cannot understand the concept of escrow. Wikipedia provides the following example: Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used ...
robertspierre's user avatar
5 votes
1 answer
302 views

Tax implications of a Transfer on Death Deed

Back in June 2020 my mother passed and left me with two documents, a Last Will and Testament and a Transfer on Death Deed that applied to her home transferring her interest in the property to me. I ...
jwh20's user avatar
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5 votes
1 answer
501 views

Life Insurance owner deceased; insured still alive

I am executor of my aunt's estate. She was owner of a life insurance policy (no contingent owner) on her husband who is still alive. I am the beneficiary. Her will stipulates that I am the ...
Ann's user avatar
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1 vote
2 answers
161 views

How to properly account for a leased property where the tenant has the option to buy

I'm the personal representative of an estate with a situation like the following: Property with tax assessment of $100,000 Tenant with a multi-year lease for the property with a total "lease fee" of $...
Eric's user avatar
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4 votes
2 answers
294 views

Maximizing the Cost Basis Reset on Death

Consider the case of a married couple, living in the USA, with appreciated stocks and bonds in a living revocable trust worth between 1 and 5 million dollars. The husband then dies leaving everything ...
Bob's user avatar
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0 votes
1 answer
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Life Insurance beneficiary [closed]

Does my Wife have to turn in the money she got from her Mother's life insurance to the estate funds to be evenly distributed to remaining heirs Thanks for all the help but got it all taken care of
Robert's user avatar
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5 answers
187 views

Distribution of Estate Assets

How should I think about the following scenario? There is an estate of $100,000 plus an automobile valued at $5000. There are two beneficiaries, A and B, each to receive 50% of the estate assets. ...
BobT's user avatar
  • 225
2 votes
2 answers
105 views

Appointment of a trust executor

I have a living trust that is a special needs trust. I have no close relatives to appoint as executor and wanted to have someone from financial institution . My trust includes my home, valued at $1,...
linda's user avatar
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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
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
9 votes
1 answer
5k views

Is an uncashed cashiers check of deceased mother part of her estate wrt probate

My mother recently died. At her home we found an uncashed cashiers check that is 11 months old. The check was given to her by her sister (my aunt). It was a disbursement from my mother’s own ...
mrjrdnthms's user avatar
6 votes
2 answers
302 views

Should an IRA be disclaimed to allow it to be distributed according to a will?

My father recently passed away and left me as executor of his estate. His intention was to leave my mother 50% of his estate and my sister and me 25% each. He had told us this verbally and also had ...
FDRobinette's user avatar
1 vote
2 answers
630 views

What is fair between 10 owners of an estate? [closed]

My father passed away in 2014, and my mother in 2012. They left a will 30 years old. They had my 2 sisters as executors. We were never told anything and they had me and my sister pay rent. I paid for ...
Julianne B.'s user avatar
1 vote
1 answer
677 views

Backing out of real estate contract as buyer

Several days ago, I signed a contract agreeing to purchase a house; however, since then I had a change of mind due to: structural problems with the house changing my mind on my personal finances. To ...
Kevin's user avatar
  • 121
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
6 votes
2 answers
356 views

How does the US Estate Tax affect an Australian with investments domiciled in the US?

The Australian Stock Exchange lists several popular Exchange Traded Funds that provided exposure to the US market (e.g. IVV and VTS). Some of these are CHESS Depositary Interests (CDIs), described in ...
Kelly Thomas's user avatar
5 votes
2 answers
367 views

Does life insurance have to go into an estate account?

My Son passed away and had Life Insurance from work. He did not name a beneficiary. The insurance company sent us some paperwork and we filled it out. The company determined through succession that ...
Wayne Schultz's user avatar
2 votes
1 answer
484 views

Treatment of donations of appreciated stock to a IRC §501(c)(7) Social Club?

What differences or special considerations are there in IRS tax handling of bequests made to a §501(c)(7) social club, compared to the same bequest made to a private party or a §501(c)(3) In ...
Bryce's user avatar
  • 2,560
1 vote
0 answers
343 views

Estate settlement question regarding paying promissory notes

I was the beneficiary of a life insurance policy after my loved ones death, along with 3 other family members. Before I even received the check, the estate was asking me for money back, from each of ...
Ryder's user avatar
  • 11
5 votes
1 answer
318 views

What needs to be done to transfer IRA accounts when someone dies?

My mother has died, and she had a number of IRA accounts in her name for which I am a 50% beneficiary. One was a Roth IRA. The Financial Advisor she was using wants to charge me exorbitant fees just ...
Josh's user avatar
  • 334
4 votes
0 answers
290 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
user27477's user avatar
2 votes
3 answers
13k views

Where can I open an estate account, if I'm located in a different state?

I have been appointed the executrix of my father's estate, and I need to open an estate bank account in which to deposit funds from the sale of his house/other items and from which to pay estate-...
Ennael's user avatar
  • 131
6 votes
2 answers
7k views

Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?

My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not. The home is still in the name of "...
Kat's user avatar
  • 61
2 votes
1 answer
76 views

Who Can I Hire To Calculate the Value of An Estate?

My grandfather in Russia recently died, and he was very private about the state of his finances and did not leave a will. Because of that, nobody, not even his son, really knows what he's worth. He ...
John Roberts's user avatar
5 votes
2 answers
13k views

Do I need to refile taxes after receiving late K-1?

I inherited a relatively small amount of money from a trust after my grandmother passed away in 2012. The amount was well under the threshold of paying any estate taxes at either the federal or state ...
John M. Wright's user avatar
8 votes
2 answers
6k 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 ...
Sheri's user avatar
  • 81
13 votes
2 answers
1k views

Is there a way to disclaim an inheritance and decide who gets the inheritance that you disclaim?

Is there a way to disclaim an inheritance but be able to decide who gets the inheritance that you disclaim? FYI, we are talking about a non-spousal inherited traditional IRA account. The original ...
blindsandal's user avatar
10 votes
4 answers
3k views

Will says "divide estate equally". Life insurance has one named beneficiary. Can proceeds be made estate property?

If a parent dies and leaves a will that divides the estate equally, but also leaves a life insurance plan that names only one child as a beneficiary, can the other siblings force the life insurance ...
sharon's user avatar
  • 101
5 votes
1 answer
20k views

By when must an employer send out final payroll tax documents (T4) for a deceased person in Canada?

My wife died in April, 2011, and I am the administrator of her estate. She worked until the day she died. I have had to submit a tax return for 2010 and will have to do so again for 2011. The ...
ChrisInEdmonton's 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
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
11 votes
1 answer
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 ...
Alex B's user avatar
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