New answers tagged

12

After a bit of searching, I found a Wall Street Journal article from 2012, “MetLife Settles Unclaimed Life-Benefit Probe”, and a follow-up article the same year “Michigan Joins Metlife Settlement Regarding Unclaimed Life Insurance Benefits”. Apparently, MetLife was involved in a class action suit in 2012 regarding their practice of closing life insurance ...


5

The term for this is a Chain Marriage. Google results for examples are filled with hits for the phrase "ball and chain", but I did find one example that lasted 117 years. As far as I know, these are not considered the same estate by the IRS, so there would be no presumption of fraud.


2

…Given the fact the individual was also an employee of the company? As far as I have been able to determine, the fact the beneficiary was a past employee of a company you owned does not make a difference to your tax liability on gifting. The only tax liability I can see being relevant here is Inheritance Tax (IHT) if you die, which would be paid by the ...


8

If you receive and accept an inheritance, there's 2 things you have to pay: Debts. Taxes. What's common to both is they only apply after you received the assets of the inheritance, and neither is owed to the executor. If you are worried about getting bad advice on the internet, and are concerned that the basic rules may not apply overseas, you can always ...


19

Going by your comments under gnasher's answer, the scam goes something like this: The scammer is, or is associated with, someone who knew the deceased in prison. They found out enough about you from the deceased to get your contact information. Then, when the deceased died, the scammer used this information to set up an advance-fee scam specifically ...


88

I was contacted by a private bank overseas to get my inheritance Umm, sorry - but no, you weren't. You were contacted by a scam artist who is banking on your greed outweighing your common sense. Inheritance & deceased estates don't work that way. The executors of the estate may be able to deduct some of their costs from the estate, but that's done ...


159

Nobody legit will ever ask you for money to give you money. If there is a million dollar inheritance and it costs $1,000 to get the money to you, someone legit will take $1,000 from the inheritance and give $999,000 to you.


4

Depending on whether the SECURE Act becomes law1, your children may be forced to withdraw from the Roth account faster than you might like. It changes the Required Minimum Distribution (RMD) rules. As I understand it, the bill says a non-spousal inheritor must empty the account within 10 years of your death. While not a tax per se, it makes your scheme ...


2

Note: I am not a lawyer; this is not legal advice. The situation is likely to vary by state. It is likely to get complicated unless either (a) Daniel is a direct issue (child/grandchild etc.) of the Hiberts, or (b) their trust contains explicit clauses as to what should happen in the event of Daniel dying before the last of the Hiberts. If neither of those ...


19

Well, no. True, a Roth has no income tax. The tax was already paid on deposit and no more tax due. But, the Roth, IRA or 401, still might be subject to estate tax, as it is still part of the estate for state and federal estate tax purposes. Keep in mind, the federal estate exemption is high, over $11M per decedent. State varies, by, well, state.


7

If you're a beneficiary on a life insurance policy on the deceased then that money is yours - not the estate's - and the executor has no say over how it's used. If, alternatively, the deceased was a beneficiary on a life insurance policy and there were no other beneficiaries then that money would go to the estate, which would give the executor control.


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