My Dad never updated his will but he left everything to his girlfriend and she said she is going to distribute everything between her and the 3 children evenly. Wondering about taxes and if I should get an attorney to make sure it’s done fairly. 350k+ in assets and investments mostly... Read more »
Not sure how to read your question, but if you mean by "never updated his will" that your dad DID have a will and his girlfriend received everything under the will, then you will definitely want to meet with a PA estate attorney. if the will is probated and the girlfriend does not file...Read more »
My dad died intestate. Bank accounts were jointly owned with my mom (his spouse). Only one account was in his name solely, a holding in a mutual fund, approx 50,000. He also had a credit card in his name solely, approx 10,000. After funeral expenses, etc there is enough left to pay the unsecured... Read more »
Two different questions here. PA Inheritance Tax return you usually report assets in decedent's name alone at 100% of value, and then there is a Joint Asset schedule where (in case of husband and wife) you would report 1/2 of total of joint assets.
We Plan on living in the house for at least the next 2 years. The recorder of deeds aid that we need to get a new deed created and that any title company can do it. About how much does this whole process cost? I know there is an $83 recording fee. And what is required or needed to create a new... Read more »
You indicate that you inherited the house. How you inherited it will determine if the process is simple or a bit more complicated. If your father's Deed was joint deed with you and your sister (Joint with Right of Survivorship) it may be as simple as filing a PA Inheritance Tax Return to pay...Read more »
it depends on how you are "listed". You can be an authorized signer or a POA, and in these cases there are no issues if you predecease your relative. On the other hand, you may be a joint owner of the account, which has different consequences for your "estate" depending on...Read more »
Father-In-Law passed away in December, there is only his wife (my mother-in law) and my wife (his daughter) surviving him. My Wife is the executor. There's no mention to where it goes in will. Only thing the will says is that the house is left to his wife (my mother in law) and that his... Read more »
The language in the Will generally controls who gets the residual of the Estate and how they get the residual. In a case like this a will would generally state...the rest, residue and remainder of my estate shall be distributed to my wife...In the unlikely case where there is no residual clause...Read more »
My stepmother recently passed away. My father had granted her a life estate for his house, with the remainder interest to be divided between my sister, myself, and my stepmother's daughter. What is the process that we now need to go through to sell the house and divide the proceeds. The lawyer... Read more »
Your answer will depend on how the life estate was created. If by Deed, then the Deed will be recorded at the county Recorder of Deeds Office and you may need as little as a death certificate and a new deed. If by Will, then will have to open an Estate Administration and the executor of the...Read more »
First of all sorry to hear of your diagnosis. Second, you should not make any hasty decisions right now. There are many considerations involved in the transfer of your assets or designations of beneficiaries, and you should gather your information and meet with an experienced estate planning...Read more »
Both my sister and I are over 18 oh, and my father passed away. We both have been living in the house helping take care of him. He told us that both my sister and I would be getting 50% of the house. We have not been able to locate a Will anywhere, and I know we are supposed to pay inheritance tax... Read more »
There are too many unanswered questions right now to give you a specific answer in this type of forum, but you are fortunate that there are no mortgages or liens on the house. You should meet with an experienced estates attorney to assist you in opening an estate administration (since there is no...Read more »
The great aunt has a will and the executor is her niece. Does she need to include this in her will? should we do a deed transfer now so we avoid the most taxes? what is the best route to avoid the 15% inheritance tax?
Although all joint accounts pass to the surviving wife by law, and avoid probate, and therefore are not included in the probate estate which would be available for husband's creditors, the question as to whether the surviving wife could be liable to pay deceased husband's creditors...Read more »
The first issue to resolve is PA is currently trying to impose realty transfer tax on deeds from grantors to their living trusts. You should consult with a PA attorney on that matter. Once RTT is resolved preference should be for special warranty deed to avoid any title insurance issues for...Read more »
if you are planning to keep the house, the Department of Revenue will usually accept the most recent County Assessed Value multiplied by the current Common Level Ratio as the fair market value on the PA Inheritance Tax Return
You will have to take the Trust Agreement to an attorney to review. Much depends on whether your parents were the Grantors of the Trust in addition to being the Trustees, as well as the other assets in the Trust and in your parents' estates.
My son is 100% beneficiary for an account he was left...myself and my sister Are co-executors of the will (50-50) my sister is trying to get part of the account that my son is 100% beneficiary even though it’s in the will that her and I are co-executors does she have legal rights to the account... Read more »
First of all, if the Will lists you and your sister as co-executors your sister has no right to take any action on her own. It sounds like you may not have probated the Will yet, and if that is the case your sister has no right to do anything at this time. It this is how the probate is beginning...Read more »
This question is far to general for a forum like this. You should meet with your attorney and your CPA to discuss why you are creating a new company, and also whether it should be a subsidiary of your current LLC. Also depends on the tax status of your current LLC
All parties are residents of Pennsylvania. Joint OR on all deceaseds accounts. Only one other party in will, can I just calculate the inheritance tax on the joint accounts with a cpa and pay the sum to the only other member mentioned in the will. Or am I required to have an attorney carry this out... Read more »
There may not be an obligation to hire an attorney to assist in probate, but by the wording of your question it indicates that you may not understand the rights of joint owners of assets versus beneficiaries under a Will. I would recommend that you meet with an attorney to discuss the rights and...Read more »
You really should meet with an experienced business attorney on this one, rather than relying on a Q&A service. You have a number of issues in your question, including whether or not a sole proprietorship is your proper entity when performing these types of services. For most states you can...Read more »
My brother passed two years ago in January. My bipolar, control freak sister says she is the executior. Nothing has been done, she says she has a lawyer but won't tell me who. No documents have been filed in public records. A company contacted me stating that I am a beneficiary of the estate.... Read more »
Your father's estate, if your sister probated the Will, is a matter of public record in the Register of Wills for the county in which your father lived at the time of his death. if your sister probated the Will a copy will be in the Register of Wills office along with an Petition for Probate...Read more »
What are the options for getting an executor to do his job? This estate has been open since 2013, we finally settled the real estate in July 2021 which was the most outstanding unresolved asset. Now he simply has some tax issue to clear up and needs to do whatever it takes to close and make the... Read more »
A beneficiary can compel a formal accounting by the Executor. Essentially the Executor ca offer an informal accounting and you can all sign a Family Settlement Agreement or can submit a formal accounting and ask for court approval. Either way you can demand an accounting now and file petition with...Read more »
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