My husband is deceased. The automobile insurance money from
My husband is deceased. The automobile insurance money from the person that killed him paid $50,000 to "the estate of". I reimbursed for funeral expenses and paid outstanding cc bills but will have approximately $35k left. How do I transfer that money to myself or grandchildren without paying taxes?JA: Because laws vary from state to state, could you tell me what state is this in? When we are ready I'll take you to the appropriate web page.Customer: FloridaJA: Have you talked to a lawyer yet?Customer: I do have an attorney that set up the estateJA: Anything else you think the lawyer should know?Customer: no
This is a hypothetical or more realistic question, about a
This is a hypothetical or more realistic question, about a charitable donation. If a person has a valuable ring, (jewelry) how is the value calculated if it is a charitable donation? I want to know: if the ring was a gift to the donor, say from their family, how much can they claim on their taxes for the value of the donation of the ring? Say the ring is a one - carat round diamond in a 14 karat gold setting, (wedding type ring), with a set value at a jeweler or jewelry store, but the donor was given the ring; or that exact type of ring (re: gold content and size of diamond and style, cut - in terms of value) and those rings are being given away at the time of the donation, and they also sell for say only $1.00 at an auction or pawn shop, flea market, etc., but sell elsewhere for over $1000.00, or closer to what one would pay for the ring if bought "new" from the jewelry store, then, from what I can find, one would have to take the "fair market value" or what would be paid for the item. So if an item given as a charitable donation to say Goodwill,can be given away, sold for next to nothing, and is sold for $1.00 or available for sale for that amount and at the same time, available for sale, for $10,000 say, it seems one could only claim the lower amount as the amount of the donation for tax accounting purposes, such as deduction for the year of the donation in the US. Please clarify, what that value would be. Somewhere it says that if a person bought goods for 1000 USD and then they went up in value to 3000USD but someone was still selling them at 1000USD and also 3000USD at the time of the donation, that the donor must only claim the lower amount or 1000USD on that year's US tax return. This is important, please clarify what the donor's value for tax purposes is. This does not include stocks, which can be given without documentation or appraisal.
I need help with properties in Arizona - I have several
I need help with properties in Arizona -I have several properties in an LLC that are in the name of a husband and wife, wife is now deceased. My current attorney said that in order to change the name to the husband, all that needs to happen in the LLC is that the transfer needs to happen on the books of the LLC. A simple meeting of the member stating that the wife has passed away and that her interest is now to be transferred to the husband.In addition, there is a property in a trust account in the name of the deceased wife. How does this legally need to be transferred to a the husband?
My grandfather( deceased in 2002, age 99) had producing oil/
My grandfather( deceased in 2002 , age 99) had producing oil/ gas minerals in a trust which was created by his father .. some of the minerals are still producing and the oil companies are collecting revenues and dispersing to the correct heirs , but the checks are made out to my grandfather's original trust , and the banks won't cash the checks for that reason ( and some of the oil companies are not disbursing but holding the revenues in suspense for same reason) .. they are requiring that we dissolve the trust and furnish them correct title information as to the heirs ( which we can do ) ; so my question is how do we dissolve said trust - all assets and venue are in Texas ...
My 91 year old father's only assets now are a checking and
My 91 year old father's only assets now are a checking and savings accounts of which he added me as co-owner 2 years ago. Does he need to do a living revocable trust or is designating me as durable POA enough to handle his finances after death? He no longer has real estate holdings and very few bills.
My mother's house is in probate court. She has a will and an
My mother's house is in probate court. She has a will and an EOE. There is a buyer for the house. I learned last week that my late father's name is ***** ***** the deed. I want to know if there is any way I can be his representative and prevent the sale of the house. Is there a way to buy the deed? My mother's name is ***** ***** the deed and she does have an EOE. He does not. I am being sent a release form to remove his name from the deed but my 2 brothers and I have to all sign it to release it. I don't want to sign it, I want to keep the house from being sold.
If I am named in the will of a person who is not a family
If I am named in the will of a person who is not a family member, and this person passes away, then am I considered an ' heir at law' if I'm definitely named in the will and will inherit (money) from the individual? The reason I'm asking is that there's some question whether the named Executor will possibly try to take more money than is appropriate, as the Executor is also named in the will AND is Executory. What i want to find out is if how I'd go about requesting of Probate that they look into whether the Executor is doing things correctly and not overpaying herself, or taking more than she should out of the Estate. Executor is also a non-family member of the person whose will it is. AS POA she paid herself a huge amount of money (over 70K$ a year) without informing the elder about this in full, and without an accounting. Therefore, in an Executor's position, there is concern she will do the same. Is there a way to step in as an ' Interested Party' who is named in the will, to ask the court to look into whether the Executor should be either replaced or extremely careful oversight? I'm anticipating having to petition the court to do this but I don't know how. Thank you. Also what type of ' proof' would I have to present if challenging an Executorship...? What is timing, too? How quickly does it have to be done? E.g. within a week of a person passing away? Or is there time to do this? Thanks.