Quote:
Originally Posted by JSH
Only 6 states have inheritance tax: Iowa, Kentucky, Maryland, Nebraska. New Jersey. Pennsylvania.
The estate attorney said my father could not pay anything out of my aunt's accounts. Yes, the cost was reimbursed when the estate settled but until then my parents were out of pocket. Had the estate dragged out or the out of pocket been a large sum I'm sure my father might have looked into alternatives. However, it makes sense to me to be proactive and make sure the executor has access to the money they need up front. Planning for how your executor will pay to settle the estate should be part of basic estate planning.
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And THAT is why I am a limited legal corporation in NEVADA. The process named a sequence of sucession from the board of trustees, all that needs to be done is getting physical access to the current checkbook/credit card/ passwords to use those resources online. State of Nevada concurs here as does the county public administrator.
Closing or modifiyng account terms occurs after a death certificate is presented giving authority to the sucessor. The only issue would be a legal challenge to the corporate structure, but by then the corporation would be dissolved or penniless.
Like I said: neighbor had the same LLC, the estate finance process was seamless. Getting rid of 50 years of accumulation, not so much