Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [estate-settlement]

The tag has no usage guidance.

0
votes
1answer
134 views

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
0
votes
0answers
24 views

1041 Final Estate Return/K-1s: No income; are probate expenses deductible for beneficiaries?

Am preparing the final return for the estate. There is no income to report. There were probate-ONLY-related expenses (attorney, court filings, announcements in newspapers). I am defeated in knowing-...
0
votes
0answers
46 views

Estate net income NEXT year less than $600. File final tax return for THIS year?

This is what happened and will happen: 2016: Person is still alive with self-employed income reported on a Schedule C. 2017: Person died. Estate account opened. Personal and estate returns filed as ...
0
votes
5answers
147 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. ...
2
votes
1answer
71 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,...
3
votes
3answers
263 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 ...
1
vote
0answers
48 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 ...
7
votes
1answer
1k 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 ...
6
votes
2answers
163 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 ...
1
vote
2answers
608 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 ...
1
vote
1answer
519 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 ...
5
votes
1answer
78 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 ...
6
votes
2answers
240 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 ...
5
votes
2answers
223 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 ...
2
votes
1answer
221 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 ...
1
vote
0answers
239 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 ...
5
votes
1answer
130 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 ...
4
votes
0answers
272 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 ...
2
votes
3answers
4k 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-...
5
votes
2answers
6k 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 "...
2
votes
1answer
56 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 ...
5
votes
2answers
10k 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 ...
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 ...
12
votes
2answers
978 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 ...
10
votes
4answers
2k 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 ...
5
votes
1answer
19k 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 ...
6
votes
2answers
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 ...
26
votes
1answer
1k 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? ...
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 ...