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 …
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 »
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 Code §9050 and §9051, the personal representative …
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 …
If your spouse has recently passed away, you may be wondering if you need to go through probate in order to inherit your deceased spouse’s property. The answer to this question depends on how your spouse’s property was titled and the value of your spouse’s solely-owned assets. The first question is whether your spouse’s assets …
Jointly inheriting real estate can be tricky, particularly when the beneficiaries don’t agree on what to do with the property and want to split an inherited house. This situation often occurs when multiple siblings inherit their parent’s home as co-owners. When siblings disagree over whether to keep the property or sell it, increased family tensions …
Being incapacitated indicates that someone is not able to care for themselves. Florida law does not allow someone incapacitated to create, revoke, or update an existing will, trust, or beneficiary designation. For the incapacitated person’s loved ones and heirs, changes to estate planning once they can no longer care for themselves are emotionally and financially …
In Florida, most estates will go through some sort of probate process. However, not every estate will need to go through probate. For instance, if a person passes away without a will and all of their assets have beneficiaries or joint owners with rights of survivorship, probate is likely not required. But since most people …
Do All Estates Have To Go Through Probate in Florida? Read More »
The last will and testament is often the most vital estate planning document. When you pass, your will guides the disposition of your property, assets, and wealth. You can appoint a trusted executor to oversee your estate’s closing. Through this person, hopefully, your last wishes are accomplished. However, a will induced or executed by fraud …