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, […]
What Do You Do With Inherited Jewelry?
If you have inherited jewelry, there are several options you can consider. Ultimately, the decision of what to do with inherited jewelry depends on your personal preferences and financial needs. For instance, jewelry in good condition can be worn and become part of your wardrobe. Likewise, if the jewelry has sentimental value, you may choose […]
Can You Sell Stock In a Trust After Death?
Whether you can sell stocks in a trust after death generally depends on the specific terms and conditions of the trust and the laws of the jurisdiction in which the trust was established. If the trust agreement allows for the sale of stocks, the trustee can sell the stocks as directed by the trust agreement. […]