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, …
What Is the Fair Market Value of Inherited Property? Read More »
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 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 »
An inheritance lawyer, also known as a probate or estate lawyer, is a state-licensed attorney who helps personal representatives and heirs of estates handle the estate of a deceased person. An inheritance lawyer can be involved in various capacities based on the specific details of an estate. A probate lawyer’s role in settling an estate …
When someone dies, their property must be passed on to their heirs and beneficiaries. Everything that a person owns individually will be considered their property upon their death. This includes personal property such as cash, stocks, vehicles, clothes, furniture, and jewelry, as well as real property such as land and buildings. Some assets will be …
What Is Considered Property for Someone Who Died? Read More »
State intestacy laws direct how estate assets must be distributed, identifying family members’ order of priority to receive an inheritance and how much they are entitled to receive. Who inherits property if there is no will? If your loved one passes away without a will, California’s intestate succession laws (California Probate Code 6400 through 6455) …
Sometimes family members have good reason for disinheriting someone. For example, a parent may have already given substantial assets to a spouse, child or grandchild, and feel like they’ve given enough. To ensure their intentions are followed, they disinherit that person. If you feel you were unjustly disinherited, read more. What is the …