If yes, will it be possible (legal) for me, as executor, to sell shares of stock owned by the estate in order to pay the roughly $2,000?
answered on Jul 19, 2018
Yes, and you may sell assets to raise the cash necessary.
Cty clerk says an inherited house can't be sold until probate & estate account is closed to avoid being taxed .004. With the probate closed, there is no executor. How do the inheritors get the authorization to sell the house? How are the proceeds distributed to the inheritors? Ideally,... Read more »
answered on Apr 6, 2018
The house can be sold before or after probate is closed. After the estate is closed, the executor is not a necessary party to the sale.
answered on Apr 5, 2018
You are not required to have an attorney, although that is certainly recommended. The Clerk of Court in the county in which the decedent lived issues the Letters.
answered on Apr 4, 2018
You have to file a VA non-resident return along with an NC resident return.
Formal or Summary adminstration and where can I find the necessary papers? There are no other assets.
answered on Feb 21, 2018
To open a probate proceeding in Florida you must hire an attorney. The attorney will advise you about the type of administration necessary, but it's likely formal administration.
The father who passed first gives most everything to his wife and 1 child but writes the other child out of the will. The wife, who is expected to pass withinthe next 10- 60 days, her will states her estate is split between the two children.
Both wills do bequeath a pair of antique cars... Read more »
answered on Feb 13, 2018
For all property owned by the wife at her death, including what was jointly owned property with the husband prior to his death, or passed to her under the husband's Will, the wife's Will will control.
She was a resident in Marion Co for 1 1/2 years. When she passed away only 3 years of the 9 year installment contract was paid. I have a SD attorney and he said I do not need to do the probate in FL only in SD. Is this correct?
answered on Feb 1, 2018
Since she was a Florida resident, and a promissory note is intangible personal property, her estate should be opened in Florida. If she sold land subject to an installment sale, she does not own the land - she would just have a note and mortgage.
It is a special warranty deed in my name and hers (husband and wife) but does not have the phrase "tenents by the entirety " or tenents in common". Nothing other than our two names as buyers. Will she automatically receive the house when I pass without going through probate?... Read more »
answered on Dec 4, 2017
Yes, if purchased as husband and wife, it's considered tenancy by the entirety, and the home will pass to the surviving spouse with no probate required.
answered on Nov 22, 2017
If you sell the house for more than it was worth when you inherited it, you will pay capital gains tax on the difference, less any costs of sale. Depreciation must also be recaptured - its is taxed at 25%.
We are considering flipping a house in Mecklenburg county in NC. We are both employed and make around $150K so I'm afraid the tax penalties may not be worth the time investment.
answered on Nov 14, 2017
There are no penalties, you just have to pay tax on any net profit at ordinary income rates, since the gain would be short-term.
My siblings and I agree on everything
answered on Oct 29, 2017
I'm sorry for you loss. Most likely, as Florida requires that personal representatives hire an attorney. The only reason you would not need one is if all assets go directly to beneficiaries, such as through beneficiary designation for life insurance and retirement accounts.
answered on Aug 21, 2017
You do not owe any excise tax, but you are required to file a federal gift tax return reporting the value of the home as a gift. Assuming you have not used your $5.49 million gift and estate tax exemption, no tax will be due.
Can his new wife still make a claim or does the will cover this?
answered on Aug 1, 2017
Yes, unless she waived her rights in a valid prenuptial agreement. Current law for marriage under 5 years is 15%.
Deceased Jan 2016.
answered on Jun 23, 2017
The Clerk of Court generally requires that an estate be closed in one year from the personal representative's qualification date, but extensions can be obtained for good cause.
My brother died without a will. All he had was a house he bought in 2015 for $37,000 with the owner financing $32,000. He was never married, no children, parents both deceased, and 4 siblings living. He bought the house where him and one disabled brother could live. It was agreed that I would get... Read more »
answered on May 25, 2017
In Florida, a attorney is required for probate matters. Best wishes in getting the probate completed.
also how do I file for a yearly allowance
wife was a resident as was I of Florida but the executor her daughter lied to courts in NC claiming that
she was a resident of NC and has open the probate in nc what can I do
answered on May 24, 2017
I'm licensed in FL and NC. You should hire an NC licensed attorney to advise and assist you.
Oldest brother lived in the home until his death 2 years ago. I have allowed his caretakers(2) to stay in the home basically free of charge. Deed is still in mother's name, taxes come to my home addressed to me. Can I put the house in my name without the consent of my surviving siblings?
answered on May 22, 2017
You and your siblings own the home, and you cannot transfer it to yourself without consent of your siblings and their spouses, if any.
I am a US Citizen and my wife is Canadian
answered on May 2, 2017
Yes. If you get sued, the home is not protected as it would be if it's in both names. Also, if you want her to receive it at your death, it would not automatically go to her.
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