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Hi and welcome to JA. I am Ray and will be assisting you today.
If you have the will here and the executor is out of touch you can seek to be named executor.
Once you are named executor here you file a notice to creditors and see who files a claim.
The creditors that you list from the IRS to judgments would likely file such claims.You have to decide if the amount in the 401 or IRA exceeds the amount of the debts.If ti doesn't it may not be worth it to you to file for probate of the will.Certainly at least most of these creditors are going to file claims against the estate.
Now that said if the IRA or 401k has a named beneficiary it pays directly to them outside of probate.So that depends on whether there is named beneficiary.
You certainly can inquire through the postal service if there is a named beneficiary.
Hopefully you may be the named beneficiary.In that situation the postal service has forms to complete and will likely want a death certificate in order to pay you.
And you may also be able to find out how much roughly is in the account to know whether then probate is required and whether it is worth it to even open probate.
Here is contact information for the postal service hr.
I am only the bil. Decedent has brothers and sister. so if executor does not step forward will court appoint? Is beneficianry
The court would appoint one of them the executor here.
of 401 ira have to settle with the irs or is beneficiary home free?
They would not if it passes outside of probate here.
It's like insurance it passe to that person directly free of debts.
It is my thought that unless there is a named beneficiary it may not be worth it to file the will for probate because the creditors will likely take it all.
New question for above. This state has 100k or more for probate. Does
roth ira go thru probate if ira has named beneficiary or can it go directly
to beneficiary w/o the irs putting a levy or lien. The roth is more than
100k. As I understand if it goes thru probate then court will pay irs for
his back taxes but if passes directly to beneficiary then irs cannot put
lien or levy?
Good evening and welcome back. If the IRA here has a named beneficiary it passes directly to that person outside of probate and is free from any creditors in such a situation.This would include any taxes owed by the deceased person.Unless the deceased person failed to name a beneficiary in which case it does go through probate.But again if someone was named here as beneficiary it passes straight to them.They would provide the death certificate to the institution and they would pay it to the beneficiary.Thanks for letting me help you again.Please let me know if you have more follow up.Thanks again.
one more pls. so it doen't matter if the roth ira has over 100k and the
states probate says that probate comes into picture if estate is more than
100k. in this case there's no other assets what so ever but let us assume that
there is a beneficiary named. thanks
Thanks for the answers. Was having problem getting a bonus to you
but I think the problems has been solved. Pls advise if it did go thru.
Ray, I have a new question or two.
1. If mother and daughter own a rental property (tenants in common)
does rental income just split and each reports I/2 each income or
is this considered a partnership or treated like a sole proprietorship.
2. I incorporated a business that I worked for approx. 40 yrs ago that
was dissolved. It was a subsidiary of a of a public company. In other
words I am using the same corp name. If I use the former co.
brochure, are there problems with copyrights etc whether or not the
parent co. is still in existence.
Hi and welcome back to JA. Ray here to help you again.
Usually they treat it like partnership and the income and write offs are on a single return and the refund or taxes due and then split 50-50%.
parent co. is still in existence.
There may well be although it would be up to the defunct company to claim those.So while there mighe liability in theory if the other company is defunct not sure if there is anybody to assert a claim.You may decide you will accept that risk here.Thats a judgment call on your part here.
Good to hear from you and thanks for letting me answer.I appreciate the chance to help you again.
Re question #1, do they have to get a federal tax id? For question #2 do you
think if I publish that I am new owner and intend to use materials of old co.
in national publications would help legally?
That might be a great idea here to lower possibility of claims.
New question. both parents and daughter & son in law own a home in
equal share (1/4). There is a possibility of a settlement involving a child
and attorney for child has stated that home should be put in the estate of
the child paying back grandparents down payment of the home as a loan
repayment instead. At this point the grand parents would have to quit
claim their portion. Does this idea make sense, if not what would be your
recommendations. Child (4yo) has serious medical condition and requires 24/7. Under normal circumstances grandparents portion
would pass on to their daughter.
Will this be better than just having the property as is in adults name?
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