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Taylor
Taylor, Attorney
Category: Estate Law
Satisfied Customers: 218
Experience:  Attorney
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My ex-spouse left a pension. I think, though I do not know,

Customer Question

My ex-spouse left a pension. I think, though I do not know, he named no beneficiary. The company contacted me as spouse but when learn we had divorced said I did not qualify as a beneficiary. The fund provides that the funds will pass into his estate. He did without will in Arkansas. His heirs would be his two sisters who have stated they wish for me to have the money. What do we do.
Submitted: 4 months ago.
Category: Estate Law
Expert:  Taylor replied 4 months ago.

hi my name is ***** ***** I would be happy to help!

Expert:  Taylor replied 4 months ago.

since he died w/o a will, intestate succession goes to spouse, children, parents then siblings. does he not have children or parents alive?

Expert:  Taylor replied 4 months ago.

since he died w/o a will, they will need to receive the pension and then can do as they please once they have closed the estate. does that make sense?

Expert:  Taylor replied 4 months ago.

let me know what further questions you have, when you are satisfied i would greatly appreciate a positive rating!

Customer: replied 4 months ago.
Well, you did not answer my question. No parents, two siblings. A pension requires income tax. Is there a way that I would assume all tax liability or would they be liable for the tax ? If they pay the income tax and then gift me the money, will I owe tax on money over gift maximum?
Customer: replied 4 months ago.
I asked you to call. I did not receive call so I had better not be charged for call.
Expert:  Taylor replied 4 months ago.

they would be liable for the tax since they would technically be the beneficiaries of the pension. yes, you would owe money over the gift maximum if they transferred the money to you.

Expert:  Taylor replied 4 months ago.

i never saw a request for phone call, i apologize. you should not be charged for one but if you see that you are just let me know and i will contact the moderator for a refund!

Expert:  Taylor replied 4 months ago.

unfortunately there is not a way for you to initially assume the tax because they will be the recipients of the pension as the beneficiaries of the estate. does that make sense? let me know any further questions you have!

Customer: replied 4 months ago.
Thanks regarding the call.
Expert:  Taylor replied 4 months ago.

no problem! let me know what i can do to provide you with any further help!

Customer: replied 4 months ago.
Looks like government is going to get the most out of this pension.
Expert:  Taylor replied 4 months ago.

they may unfortunately. would have been nice if there was a will that named you the beneficiary of the trust. i'm sorry if its not the answer you were looking for.

Expert:  Taylor replied 4 months ago.

do you have any further questions for me today?

Expert:  Taylor replied 4 months ago.

once you are satisfied, i would greatly appreciate a positive rating! that is the only way i am compensated by JA for my time and attention to your question and a positive rating does not cost you anything further!

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