Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

Is my wife who I have been married to since 2005 entitled to

Customer Question
half my estate even though...
is my wife who I have been married to since 2005 entitled to half my estate even though I bought and paid for the house and interior possessions by me prior to our marriage
Submitted: 2 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 22 minutes by:
5/13/2015
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,857
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Hi,
There are really several issues here.
First, you can control WHO gets WHAT through your will.
Second, with no will, the Nebraska laws on intestacy (intestate succession) come into play.
Third, certain types of assets have agreements attached where they pass OUTSIDE of probate, so the will (or the will that's written for you under the intestacy rules) doesn't apply.
They are the following:
*life insurance proceeds
*property you’ve transferred to a living trust
*funds in an IRA, 401(k), or other retirement account
*securities held in a transfer-on-death account
*payable-on-death bank accounts
*vehicles held by transfer-on-death registration
*real estate held by transfer-on-death or beneficiary deed, or
*property you own with someone else in one of the forms of joint ownership.
These assets will pass to the surviving co-owner or to the beneficiary you named, whether or not you have a will.
Fourth, there is the rule that some states have that says the spouse cannot BE disinherited, and provide a remedy to the spouse if you use one of these devices to completely disinherit.
In those states that have adopted the Uniform Probate Code (UPC), a spouse can elect to take a portion of the deceased spouse's probate estate, non probate assets, AND property titled in either spouse's name.
Nebraska is one of the state that have only adopted part of the definition of an "augmented estate" as used in the UPC. In Nebraska, a disinherited spouse can elect to take a portion of the deceased spouse's PROBATE estate and some, but not all, non probate assets.
Here is the Nebraska statute on this:
http://nebraskalegislature.gov/laws/statutes.php?statute=30-2323
Remember that he elective share is voluntary, which means that if the spouse does not petition the court for the election, the deceased’s property will pass in accordance with the will. If your spouse agrees with your estate plan and consents to being disinherited, the court will not intervene.
Let me know if you have questions...
Lane
Ask Your Own Finance Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,857
12,857 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I inherited my father's IRAs. I have accounts with Fidelity
I inherited my father's IRAs. I have accounts with Fidelity and Schwab. One of my Schwab accounts is titled Inherited; the other is listed as a Roth. The Fidelity account is listed as an IRA. My quest… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question on SEP IRAs? i have income from both a
i have a question on SEP IRAs? i have income from both a single member LLC and straight up schedule C self employment income. … read more
abci168
abci168
Principal
27 satisfied customers
Please help, I have a seld-directed IRA and I have questions
Please help, I have a seld-directed IRA and I have questions regarding rollovers from my traditional IRA … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
726 satisfied customers
I had a IRA disallowed for paying property taxes directly. A
I had a IRA disallowed for paying property taxes directly. A rental home was sole asset. I sold the property 11/16. IRA started 3/6/12 as a rollover for $77,468. Property sold for $23,970 after taxes … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a roth ira account with a bank that i also invest
I have a roth ira account with a bank that i also invest money and buying stocks. I want to know if i can attach a credit card to that account so i can buy bigger quantity of stocks straight from cred… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am interest in having my client conversion of Trad IRA to
I am interest in having my client conversion of Trad IRA to Roth IRA. Does the transfer have to be in cash or can we transfer securities and current market value?This is how I do the client Trad IRA R… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Quick Question on IRA withdrawals and deposits. Here is the
Hi. Quick Question on IRA withdrawals and deposits. Here is the scenerio: Withdrawals were made $3k/withdrawal for bills, etc., on the following dates: Nov 11, 2016 Nov 20, 2016 December 3, 2016Total … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have a SEP IRA with a good amount of money in it. My
Hi, I have a SEP IRA with a good amount of money in it. My spouse is my beneficiary for this account. If I die, are there tax consequences for my spouse? How would this work? Thank you… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
I have a question regarding IRA funds. I am refinancing a
I have a question regarding IRA funds. I am refinancing a rental and would like to get into a 15 year fixed loan. For that I need to put money in. Can I take the money out of my IRA? Will I be taxed this year? … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,857 satisfied customers
Ministers Retirement Plan. How is a Roth IRA setup for the
Ministers Retirement Plan. How is a Roth IRA setup for the pastor? Want tax free future income. What would be the best vendor to setup this account. Is there such an account under 403?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I need to withdraw from an ira and was wondering if I'm in
I need to withdraw from an ira and was wondering if I'm in the 25% tax bracket, should I have 25% federal and 25% state taxes withheld. the state tax part confuses me. … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
This question is about my IRA. It matured last month, and I
this question is about my IRA. It matured last month, and I would like to know if there would be a penalty and what it would be if I took the funds out of this CD account and put them into a Savings I… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is an individual retirement annuity considered an Ira?
Is an individual retirement annuity considered an Ira? Trying to help my mother move this to her IRA that she has at another institution. Never heard of the term before but it has the acronym of an Ir… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I have a question regarding transfering an IRA as your own
I have a question regarding transfering an IRA as your own from a spouse. Complicated question regarding an annuity. Did a transfer form to move an ira of my deceased wife's to my ira at another finan… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have an IRA that I am not currently contributing to. My
I have an IRA that I am not currently contributing to. My husband can take early retirement money of about $600 a month. He's 51.5 years old right now. Would it make sense to take that money and inves… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
285 satisfied customers
Can you explain what a "Qualified Ira" is? Or a qualified
Can you explain what a "Qualified Ira" is? Or a qualified Annuity? I think that qualified plans are bot taxable when withdrawn? Thank you Fred… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My husband's ira was in an annuity with Pacific Life. He
My husband's ira was in an annuity with Pacific Life. He passed away in January and I put the IRA in my name, but I think I would like to take the money out but I don't think I will receive the full a… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,857 satisfied customers
Currently have 205k in ira contribute 2000year Would an
Currently have 205k in ira contribute 2000year Would an annuity be of any benefit vs ira Employer do esnt offer retirement plan… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,463 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x