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My husband of 35 years passed and we thought he had changed

My husband of 35 years passed and we thought he had changed his life insurance beneficiary to me, his wife but had not and his sister's name was still listed. She gave me permission to submit the claim in her name and get the proceeds to pay off his burial expenses and then recanted when she found out how much the policy was. Now she wants the insurance company to give her the entire proceeds when they have already been used. Do I have any recourse?

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LegalGems

Juris Doctorate

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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?

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Irwin Law

Juris Doctor JD

8,434 satisfied customers
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?

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LegalGems

Juris Doctorate

13,532 satisfied customers
In a community property state, does real property held in a

in a community property state, does real property held in a lliving trust by a husband and wife doe the whole value of the property get a steped up basis free of capital gains tax when the first spouse dies?

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Richard

Owner

Doctoral Degree

46,654 satisfied customers
I live in CA, my recorded domestic partner died with no

I live in CA, my recorded domestic partner died with no will. What steps do I need to take to arrange disposition of his property?Note that he inherited real estate in IN.

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LegalGems

Juris Doctorate

13,532 satisfied customers
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?

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LegalGems

Juris Doctorate

13,532 satisfied customers
My father lived in the state of Kansas. My father passed

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?

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Richard

Owner

Doctoral Degree

46,654 satisfied customers
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?

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Richard

Owner

Doctoral Degree

46,654 satisfied customers
I am working on a Form 706 surviving spouse. After the first

I am working on a Form 706 for a surviving spouse. After the first spouse died, a bypass trust was funded. My question is regarding Part 4, Line 13b of the 706. The question is was there a trust over which the decedent had control, etc. Of course, he was the trustee and the beneficiary of the bypass trust. How do I answer this question and not include the trust on Schedule F as the instructions indicate? The bypass trust assets should not be included in the gross estate of the second-to-die spouse. So do I just answer the question "no"?

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Christopher B, Esq

Attorney

Juris Doctor

5,004 satisfied customers
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