My mother passed, and she was an administrator of my grandfather’s estate and the inheritances. The estate accumulated quite a bit of back taxes over the years. Will the IRS put a lien on that estate as well as hers to retrieve funds?
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Most people should have a will, but it’s rarely the most significant estate planning document an individual holds.
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes.
My wife died and left a bank account with no beneficiary. The bank tells me I have to go through probate. I inherited everything else. What do I have to do?
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
