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Recent Joint Will questions

If my mother in law passed away and left my wife money in

If my mother in law passed away and left my wife money in her will and my wife and her brother are the executers but my wife passed away 6 months after my mother in law does her money now go to my wife's estate

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Damien Bosco

Attorney

Doctoral Degree

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I am abritish citizen - permanent resident for thie past 30

I am abritish citizen - permanent resident for thie past 30 years - married to a US citizen. My wife and I ahve substantial investment/savings/property tax all in moth our names. I was told by a fried reccently that since I am not a US citizen, should my wife pass away before me that 50% of our net wealth would be subject to death tax. Is that correct?

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Damien Bosco

Attorney

Doctoral Degree

2,750 satisfied customers
My husband died about six weeks ago with outstanding

My husband died about six weeks ago with outstanding balances on three of his credit cards. I live in Colorado (not a community-property state) and the cards were in his name only. I was not even an authorized user.I am anticipating phone calls from collectors. I understand which assets are considered part of his estate and which are not. His only sole assets were an SUV with a salvage title (and thus not worth much), 11 shares of Agilent stock (worth around $500) and his personal possessions. (Our house/mortgage was in joint tenancy, so I understand creditors can't touch that.)He did not own enough to require me to open a probate case in Colorado. However, I am wondering if I should sell the stock, the car and personal possessions and use the money to pay off his debts until it runs out. I know that money from selling all those things likely won't cover all the debt, but should I pay as much as I possibly can, even though I haven't been formally named his executor by a court?Or should I wait and see if the card companies or debt collectors do their own asset searches and go to court to claim proceeds from the sale of estate assets? I do feel obligated to pay as much as I can from his estate but am concerned that paying voluntarily in this way could open the door to abuse or harassment from the collectors, who might try to get me to use my personal assets to pay the debts.None of his personal possessions was anything of great value - like artwork, jewelry etc. I expect to make at most a few thousand dollars selling things on eBay.

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Loren

Juris Doctor

36,276 satisfied customers
If a grandparent gives a minor child an annual exclusion

If a grandparent gives a minor child an annual exclusion cash gift, does that gift belong to the child or can it be used by the parents to pay for things for the child (ie medical expenses, clothing) without the child having a choice in the matter?

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Loren

Juris Doctor

36,276 satisfied customers
Dad passed away recently, and we have some questions about

Hello,Dad passed away recently, and we have some questions about how to handle the assets. His state of residence was Nevada.People involved:- Dad- Mom- Child 1- Child 2- Child 3Assets involved:- Checking account 1 (joint account between Dad and Mom)- Checking account 2 (joint account between Dad and Child 3)- Stock Brokerage Account 1 (joint account between Dad and Child 3)- Mutual Funds Account 1 (joint account between Dad and Mom)- A few Life Insurance Policies (Mom is beneficiary on some, Child 2 on some, etc)The Will:- The Will is very clear, that all assets should go to Child 3.The Plan:- Child 3 would like to liquidate everything and give 33% to Child 1 and 33% to Child 2.- Child 3 will need to liquidate the stocks in Stock Brokerage Account 1.- Mom will need to liquidate the mutual funds in Mutual Funds Account 1.- Everyone is on the same page, so we don't anticipate any issues.Questions:- For each of the joint accounts, do we just present a death certificate to take full control of the account? Will we be taxed for this process?- Once the assets are liquidated, is there a way for Child 3 to gift the 33% to Child 1, and 33% to Child 2 without being taxed?- Will Child 3 need to pay capital gains tax on Stock Brokerage Account 1, when selling the stocks?- And finally... what else are we missing?Thanks for your help!James

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,664 satisfied customers
My mother passed away, leaving her assets to my sister who

My mother passed away, leaving her assets to my sister who was on all her accounts as joint owner with rights of survivorship. My sister has moved all the assets under her name into one account. How do I get my portion now without paying taxes?JA: When we are ready I'll take you to the appropriate web page.Customer: okJA: Because laws vary from state to state, could you tell me what state is this in?Customer: TexasJA: Have you talked to a lawyer yet?Customer: Not yetJA: Anything else you think the lawyer should know?Customer: no

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,302 satisfied customers
If one spouse has retirement funds in IRAs established prior

If one spouse has retirement funds in IRAs established prior to the marriage, are those assets at risk if the other spouse has to go into a nursing home? Assuming the spouse in the nursing home is not a joint owner of the assets, but a beneficiary, and forfeits pension and social security for the nursing home payment, can the state (Florida in this case) go after assets of the spouse? If so, what can be done to protect us?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: FloridaJA: Have you talked to a lawyer yet?Customer: not yetJA: Anything else you think the lawyer should know?Customer: for example?

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Infolawyer

Attorney

Juris Doctor.

37,334 satisfied customers
When someone dies leaving large credit card debts, is an

When someone dies leaving large credit card debts, is an authorized user on the same account liable for those debts ? I am not talking about a joint user, but only an authorized user.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

46,302 satisfied customers
We have several properties in Oklahoma where my late wife

We have several properties in Oklahoma where my late wife and I hold mineral rights as "Husband and Wife". The payments are very small from the current leases on the property as it is split between several family members ( it is a 1/16th split). The payments are less than $1k per year. How can we transfer the rights without probate in the state?

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Dwayne B.

Juris Doctor

35,342 satisfied customers
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