estate administration

Tax consequences of foreclosure and capital gains.

ADDITIONAL INFORMATION: My mom passed away in September 2014. Her mortgage co filed foreclosure a month later. $74,000 was owed on the original debt, but unpaid taxes and fees made it closer to $104,000. Property sold for a profit in June 2016 and her estate received a check for $10,000.   Mortgage co reported original debt of $74,000 and sale price of $114,00, meaning it looks as though her estate earned $40,000 instead of the $10,000 received.

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How do I decline my inheritance?

ADDITIONAL INFORMATION: I do not want to accept any inheritance that my parents may leave me. Can I just write a letter and have it notarized or is there some type of legal form/letter that I need to fill out? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: To decline a gift or inheritance, you need to execute a disclaimer. In order for the disclaimer not to have any effect on you for estate or gift tax

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Does a beneficiary of an IRA payable upon death amount satisfies an amount designated to be left from an estate in a will?

ADDITIONAL INFORMATION: In Massachusetts, My dad left his IRA payable upon death to my brother and myself 50/50. His will states $50,000 for each of us. His IRA is not in the will. His cousin gets what’s left over from estate. Does the fact he left us money in his IRA satisfies the will’s listed amount or is that from the sale of his house? The financial advisor says the IRA is a contract and has

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If a house is forclosed by the bank during probate is the PR and others named in the Will be liable or responsible for any unpaid

ADDITIONAL INFORMATION: I am the PR or executor of my mothers will. I entered into probate as there is a house to consider in the mix. I am no longer able to make payments and thought I would have time before forclosure but did not. Will I and my siblings be liable for any part of the unpaid mortgage? will it affect our credit? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: Only the estate is responsible

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Do I have the right to know my deceased mother’s assets and to see her will? What rights, if any do I have at all?

ADDITIONAL INFORMATION: My mother passed away Feb. 14, 2017. My father left approx. $1.5M in their shared bank account. Before my father passed, I was separated from my husband, so he signed over the house and everything in it. I had no assets of my own, as my husband was very close to filing for bankruptcy. My sister took my mother with her to MO. and was supposed to live with her. However, my mother moved

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Can my sibling be evicted from my step father’s home after he dies?

ADDITIONAL INFORMATION: My sibling was living with my step dad for 4 months before his sudden death, now my step brother who was named as the executive of the will has told her she has to leave. What rights does she have? ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU: If she is a beneficiary of the will, she may have a right to continue to live there if the will grants her an ownership interest in

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I want to be executor

ADDITIONAL INFORMATION: Hello. My sister is the executor of my moms estate. I live with my mom, take care of my mom, take my mom to dr, make sure shes fed and clothed, etc. My mom is elderly.  My sister does absolutely nothing for our mom– no visits, no contact, no doctor visits — nothing at all.  But she is in charge of the money and bank account my mom received for my dads wrongful death

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What happens if no one wants the responsibility of what the will entails?

ADDITIONAL INFORMATION: I have a family member who passed away and has left in the will that all liquid assets remain apart of the estate and has asked that they be used to establish a foundation for children in another country to pay for education. It’s a noble idea, but also it sounds like it’s going to be a big undertaking. If the names executor has too much on their plate to do it and no

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Can you charge a fee if you are the administrator or executor in an informal probate?

ADDITIONAL INFORMATION: What would that fee be? ATTORNEY ANSWER BY MARGARET L. CROSS: As Personal Representative, you may charge reasonable fees to the estate. You may charge differently for different tasks. For example, cleaning out the basement would be charged out at a lesser amount than the preparation of the tax return for the estate or the decedent. You will need to keep records on how long you spent on each task. Your fee will be

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How do open a checking account if the Insurance Policy checks are made out to the Estate of?

ADDITIONAL INFORMATION: My Fiancé passed away over a year ago. I was Power of Attorney and 100 percent beneficiary of his Trust. He got too sick to transfer everything under the trust. Now I have a pour over will naming me Personal Representative. Giving me full power with no bond. The banks will not accept the will. They are telling me they need a letter stating I have legal rights to the money. I don’t know

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