How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111600
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
10285032
Type Your Business Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

thanks for the answer i need the answer to some other questions

Resolved Question:

thanks for the answer i need the answer to some other questions my sister's husband died and left a significant shortfall to cover all the debts she has received $210,000 which is made up of insurance money and her husbands company paid a final year salary of $110,000 the question is, she liable for the tax on the final year salary and the second question is, there is a shortfall of about $100,000 on top of the $210,000 she has already recieved , they are in the process of doing a short sale and is being harressed on a daily basis from banls and other lenders . the estate agent is saying she should leave the states and take her money immediately out of her account. what are the reprucussions of her doing this and can the banks freeze her assets in the uk
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
She is liable for the tax on the salary as it is deemed income. She is not liable for tax on the life insurance money. As far as the leaving of debts, the creditor could not seize any of her assets in the UK without first getting a judgment here against her and then it would have to take the judgment from here and have it recognized in the UK by the courts there. While the UK courts do recognize such judgments, they do so cautiously. Also, because of the expense to the creditors of going to the UK courts, many choose not to do so. Of course, she could file for bankruptcy here in the US if she qualifies and it would extinguish all of the debts except for the taxes owed.

I hope you found my answer helpful, please click on the GREEN ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated!

If you have additional questions, please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.

Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.

There can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break.

You can always request me through my profile at http://www.justanswer.com/profile.aspx?PF=10285032&FID=39 or beginning your question with “For PaulMJD…”


Law Educator, Esq. and 3 other Business Law Specialists are ready to help you