Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. And even if a return isn't required, a return may be necessary anyway to obtain a refund. The executor must take into account all the decedent's income — there may be a wide range of wages, Social … [Read more...] about Filing Taxes for the Deceased
As part of the estate planning process, many of us consider purchasing a burial plot in order to help ease our families with making difficult decisions regarding final disposition. Some of us already have burial plots that have been passed down through the generations as our grandparents bought plots for the entire family. However, situations such as divorce, family disputes, changes in religious … [Read more...] about How Can I Sell My Burial Plot?
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
"Don’t Junk that Old Car Yet!" by Attorney Victor Lembo (Audio) Recently, the owner of a 1970 Ford Mustang put his car on eBay for sale. According to reports, the Mach 1 appeared to have faded paint and some wear and tear, but the true value of the vehicle was hidden. The Denver-based owner first used it in high school and sold it in 1984. However, he recently tracked it down and bought it back … [Read more...] about Don’t Junk that Old Car Yet!
"Why Do Heirs Prefer Trusts?" by Attorney Victor A. Lembo (Audio) Many individuals desire to have an efficient administration of their possessions and assets when they pass away. We all know there may be complexities in handling an estate after death, but most families want privacy and peace. Creating a trust will help provide your heirs or beneficiaries their inheritance in an effective … [Read more...] about Why Do Heirs Prefer Trusts?
"The Advantages of Portability" by Attorney Victor Lembo When a decedent dies, a federal estate tax return (IRS Form 706) is not required to be filed unless the decedent’s gross estate exceeds their remaining federal estate tax exclusion. In 2019, for someone who has not used any exclusion during their lifetime, this would be $11.4 million. Maryland also has an estate tax, as it decoupled from … [Read more...] about The Advantages of Portability
"Three Categories of Assets at Death" by Attorney Colleen Sinclair Prosser There are many ways to hold title to assets during your life. Upon your death, the title to each asset must be reviewed and transferred according to how it was titled. In order to determine how to transfer the assets of a decedent, we must place the assets in three different categories. The first category is Probate … [Read more...] about Three Categories of Assets at Death
Aretha Franklin Died Without a Will: What Does this Mean for Her Family? Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. Aretha died on August 16, 2018, at … [Read more...] about Aretha Franklin Died Without a Will: What Does this Mean for Her Family?
"What Happens to Tangible Personal Property When Settling an Estate?" by Attorney Colleen Sinclair Prosser An important part of the process of settling an estate is to consider the decedent’s tangible personal property, i.e. furniture, jewelry, china, crystal, artwork, electronics, and vehicles. The first duty of the representative of the estate is to obtain an appraisal of these items. The … [Read more...] about What Happens to Tangible Personal Property when Settling an Estate?
"Helping You Cope with a Loved Ones Death" by Attorney Victor A. Lembo (Audio) Coping with death can be devastating when a close family member or friend dies-- and unfortunately, there is a lot of technical legal and financial issues to deal with, as well as the emotional ramifications of your loss. While there's nothing we can do to alleviate the sadness you feel about losing your loved … [Read more...] about Helping You Cope with a Loved One’s Death