Do You Pay Taxes on Inherited Art?
Inheriting a valuable piece of art can feel like a fantastic gift. But if you’ve recently inherited a loved one’s art collection, you may be wondering what happens when it comes to taxes. In general, you will not have to pay taxes on art you inherit from a loved one. However, if you sell the […]
Can You Inherit a Family Business?
It is possible to inherit a family business. In fact, family businesses are often passed down from generation to generation through a will, a business succession plan, or other estate planning mechanisms. However, the specific process and requirements for inheriting a family business can vary depending on the laws of the jurisdiction in which the […]
Can Lottery Winnings Be Inherited?
Winning the lottery gives a lucky person access to substantial financial resources that can help them achieve their financial goals and dreams. But what happens when a lottery winner passes away? Can a beneficiary inherit these winnings? In short, yes, lottery winnings can be inherited. However, the complete answer largely depends on the state where […]
What Is the Fair Market Value of Inherited Property?
Inheriting property can be a complex process, with numerous factors to consider. Before you decide whether to keep, donate, or sell your inherited property, it’s important to understand the fair market value of the asset, which is its estimated worth on the open market. Is Fair Market Value Calculated at the Time of Death? Yes, […]
Can I Sue Heirs of a Deceased Person?
If you have a valid legal claim against a deceased person, you may still be able to receive compensation by filing a lawsuit against the deceased person’s estate. However, you will typically need to direct your efforts at the estate rather than the individual heirs. Under California Probate Codes §9050 and §9051, the personal representative […]
Who Are the Parties In an Estate?
When a person dies, their estate often must go through probate, which is the legal process of distributing their assets. Multiple parties are typically involved in these proceedings, including: Each party has different rights and responsibilities in an estate, and it is important to understand these roles before moving forward with any legal action. Who […]