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Recent estate law questions
In Pennsylvania, all irrevocable trust questions, how many
In Pennsylvania, all irrevocable trust questions, how many witness signatures do you need for an irrevocable life insurance trust document when the settlor and trustee sign? If the life insurance in the ILIT costs one million dollars. Do you need to declare a gift to the trust with the IRS or whom?
When figuring my brother's estate would income tax come off
when figuring my brother's estate would income tax come off estate value? in other words if the estate was 180,000.00 and he had tax bills of 70,000.00 would the estate be worth 110,000.00? So would the probate lawyer charge my 3% of 180.000.00 or 3% of 110,000.00?
My late husband had a trust. Although I am a beneficiary, I
My late husband had a trust. Although I am a beneficiary, I am not a trustee. His trust states that . . . including any interest and penalties thereon ("death taxes"), that become payable by reason of my death, whether in respect of property passing under this Trust Agreement or otherwise, shall be paid out of the residue of my probate estate, or if there is no probate estate, out of the residue of this Trust, without reimbursement from the recipients and without apportionment, except that:(1) Any tax on property over which I have a general power of appointment shall be recovered from the person receiving such property to the extent provided for in __2207 of the Internal Revenue Code of 1986, as amended (the "Code").(2) Any tax on any property that is included in my gross estate by reason of __2036 of the Code, shall be recovered from the person receiving such property to the extent provided for in _2207B of the Code.(3) Any additional tax on special-use valuation property under _2032A(c) of the Code shall be paid by the "qualified heir" as provided therein.(4) Any tax on life insurance included in my gross estate shall be recovered from the person receiving such property to the extent provided for in _2206 of the Code.(5) Any death taxes on property not passing under either this Trust or my will that exceed the total of both the residue of my estate and of this Trust shall not be paid out of my probate estate or this Trust, but shall be apportioned in the manner provided by law.(b) Trust Takes Precedence. The provisions of this Trust, as amended, as to the source of payment of death taxes, expenses of last illness and funeral, debts, and expenses of administration resulting from my death, all as defined in this Section 7.1, shall take precedence over the provisions of my will if the provisions of such will are inconsistent with the provisions of this Section.(c) Expenses, Debts and Claims. In addition, the Trustee shall pay out of this trust expenses of my last illness and funeral costs and expenses, including professional fees necessary to administer and settle my estate, whether subject to probate or not; and my just debts and claims (but the Trustee need not discharge and may defer payment of obligations not yet due), except that disbursements shall be made for the purposes stated in this paragraph only to the extent that the property of my probate estate is, in the sole discretion of the Trustee, insufficient or not reasonably available for such purposes.THE FOLLOWING IS IN THE WILLPayment of Taxes. All estate, inheritance, and other death taxes (including interest and penalties) payable by reason of my death shall be paid in accordance with the terms of the____Trust. The terms of such Trust shall control the payment of such taxes. If for any reason my Trust is no longer in existence, all taxes shall be apportioned in accordance with the ___Uniform Estate Tax Apportionment Act and the applicable provisions of the Internal Revenue Code of 1986, as amended.Based on what you have read, is there any indication that a beneficiary who is not a trustee would be responsible for the payment of estate taxes?
We are working on my mother in law's estate because she
We are working on my mother in law's estate because she passed away last week. She owned a farm and I think more than half of the value of the estate will be in the form of real estate. In my research I came across an act excluding farms from the estate tax, is this true or is there a catch to taking advantage of this? When will taxes be calculated and what do I need to make sure teh executor is aware of to get the best outcome for us?
My father lived in the state of Kansas. My father passed away
My father lived in the state of Kansas. My father passed away August 1, 2015. We don't have his estate settled yet. In November we had all of his assets appraised. They were all appraised at what they were valued at on the date of his death. They totaled over 7M.Since my fathers date of death, almost all of the assets he owned have fallen in value. His main estate consists of stocks, land & oil royalties.Today I had a business friend tell me that the heirs have the option of either doing the appraisal from date of death OR six months from the date of death. Right now, it is obvious that his estate would be appraised for considerably less at six months from his death (February 1st).Can you give me more feedback on if an appraisal at six months from death is an option?Is this correct information? Is it the federal government or the state government that determines this?
In NJ if a POA, who is also the executor, transfers the
In NJ if a POA, who is also the executor, transfers the principal's assets into a joint bank account and the principal later dies what are the tax issues; Is the money in these joint accounts taxable as to the surviving joint party?
In Massachusetts - Estate Tax basis and RateAn estate withView more estate law questions
In Massachusetts - Estate Tax basis and RateAn estate with only real estate valued at $1,400,000In the past 2 years before death a propterty worth $300,000 was given away ti 1 personIn the past 4 years before death a property work $400,000 as given to 4 people.what is the basis for the estate tax and what is the rate