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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118236
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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thanks for the answer i need the answer to some other questions

Resolved Question:

thanks for the answer i need the answer to some other questions my sister's husband died and left a significant shortfall to cover all the debts she has received $210,000 which is made up of insurance money and her husbands company paid a final year salary of $110,000 the question is, she liable for the tax on the final year salary and the second question is, there is a shortfall of about $100,000 on top of the $210,000 she has already recieved , they are in the process of doing a short sale and is being harressed on a daily basis from banls and other lenders . the estate agent is saying she should leave the states and take her money immediately out of her account. what are the reprucussions of her doing this and can the banks freeze her assets in the uk
Submitted: 8 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 8 years ago.
She is liable for the tax on the salary as it is deemed income. She is not liable for tax on the life insurance money. As far as the leaving of debts, the creditor could not seize any of her assets in the UK without first getting a judgment here against her and then it would have to take the judgment from here and have it recognized in the UK by the courts there. While the UK courts do recognize such judgments, they do so cautiously. Also, because of the expense to the creditors of going to the UK courts, many choose not to do so. Of course, she could file for bankruptcy here in the US if she qualifies and it would extinguish all of the debts except for the taxes owed.

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