What is Step-Up Basis | 5-minute read Step up Basis | Inherited Assets | Inheritance Taxes Step Up in Basis at Death: Essential Guide for Inherited Assets Click HERE for the original article by Gary Massey CPA Summary: “The step-up basis is a tax code rule that resets the value of an inherited asset
What is Step-up Basis? via Massey and Company CPA Read More »
The Link: Publication 561 (02/2024), Determining the Value of Donated Property Source: The Internal Revenue Service Publication 561, per the page introduction, “is designed to help donors and appraisers determine the value of the property (other than cash) that is given to qualified organizations. It also explains what kind of information you must have to
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Probate Court: The Basics of the Probate Process for Executors and Personal Representatives. Guest: Irvin G. Condon, Probate Judge, Charleston County Probate Court, Charleston, South Carolina Probate Court is the entity empowered by state law to oversee the discharge of estates, and the marshaling and safeguarding of estate assets. In this episode of Estate
Estate Talks: Understanding Probate Court – For Executors Read More »
When an individual dies, their estate is managed and distributed according to their will or state laws. A probate bond, also known as a fiduciary bond or estate bond, or sometimes an “executor bond”, plays a crucial role in this process. This type of bond ensures that the individual responsible for managing the estate, a
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If you cannot find a life insurance policy, there may be one last place to look. The National Association of Insurance Commissioners has a tool to search for lost and unknown life insurance policies of deceased persons. The Life Insurance Policy Locator Service can submit a search request for life insurance policies and annuity contracts.
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Decedent Mail | 5-minute read Estate Administration | Executor Responsibility When someone dies, the mail doesn’t stop. The bills keep on coming. Magazines continue. He or she may be on many mailing lists. Friends may not have been aware. As executor the mail is your responsibility, however, it is also a source of information.
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Inheritance Funding | 3-minute read Estate Loan | Inheritance Loan | Inheritance Advance Inheritance Funding Options are defined, per finder.com… An inheritance advance, an advance on your inheritance amount. An estate loan, a secured loan that uses your inheritance as collateral. Inheritance Advance To put it simply, an Inheritance Advance is an advance of money
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Personal Property Valuation | 3-minute read Appraisal of Estate | Valuation of household and personal effects | Estate Tax The valuation of household and personal effects, i.e. Personal Property of the decedent, is governed by US Law. Via the Cornell Law School’s Legal Information Institute, the section regarding “Valuation of household and personal effects” can be
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State Estate Tax and State Inheritance Tax| 5-minute read Estate Accounting| Estate Tax | Estate Fiduciary Main Link: SmartAsset: Estate Taxes by State; Inheritance Taxes by State First, state tax laws change. Therefore, the information in the link provided has not been verified by Executorium and is presented as a guideline. Accordingly, please consult an
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The Link: Iowa Senate passes inheritance, acceleration of income tax reductions bill despite fiscal dilemmas Date of Publication: March 18, 2021 Source: The Center Square Reading Time: 2 min The Iowa Senate has unanimously approved a bill that would gradually phase out the state’s inheritance tax, eliminating it entirely by 2024. Senate File 576,
Iowa Senate passes inheritance reductions … Read More »
Link: Estate Tax Rates, Limits, Exemptions, and Other Rules You Need To Know The Source: Yahoo Finance Publication Date: Feb 10, 2021 Reading Time: 3 Min WARNING: Time Sensitive information. Please 1. Note date and 2. Confirm all legal, tax and financial information with an account or attorney. Yahoo Finance provides an overview of information
The Link: Consumer Pamphlet: Probate In Florida Source: The Florida Bar, The Florida Bar Real Property, Probate & Trust Law Section. 6 Minute read Probate in Florida is the court-supervised legal process for settling a person’s estate after death. It involves identifying and gathering the decedent’s assets, paying valid debts and expenses, and distributing
The Florida Bar: Probate In Florida [Florida Only] Read More »
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