The laws surrounding the question remain surprisingly unclear. By Andrea L. Uresti Barr Have you thought about who will inherit access to your digital footprint, from emails to bank and social media accounts and everything in between, after you pass away? It’s worth considering, given the laws governing post-death digital assets access remain surprisingly limited and …
By Scott E. Rahn and Meagan A. Paisley In 2006, Taylor Swift burst onto the music scene with her breakout country single, Tim McGraw. Nearly 20 years, 10 albums, and 51 million record sales later[1], she has become a household name. Taylor Swift is also no stranger to the legal field. From her sexual assault …
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 …
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 …
Winning the lottery gives a lucky person access to substantial financial resources that can help them achieve their goals in life. But what happens when a lottery winner passes away? The answer largely depends on the state where the winner lives and how they choose to receive their winnings. Most lotteries allow winners to choose …
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, …
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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 …
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. …
If your loved one dies and leaves behind a significant portfolio of stocks, navigating the legal process to liquidate those assets can be complicated and often stressful. And if you are the executor or the trustee in charge of handling the estate’s property, the complexities are even more significant. For this reason, it’s advisable to …
If you recently inherited a large sum of money, you may be wondering what your next steps should be. Coming into millions of dollars can be life-changing, but it can also result in new and unexpected financial obligations. That’s why it’s crucial to carefully consider the implications of your actions before making any decisions about …
What Do You Do If You Inherit Millions of Dollars? Read More »