ruth4526:  The money you get from the insurance policies are taxable. 2. You will have to cash them out. He is not here to pay the taxes on it you cash out and pay. 3. He was probably entitled to many benefits, but you are not in titled to his benefits. 4. No, if you are of age, no one gets ss. 5. You can pay the taxes out of the inheirtances and then distrubute the funds. It is better that way you know all taxes are paid.
2007-04-26 21:03:17

BMAC:  This really depends on the size of his estate. Anything under 2 million this year is not taxed on the estate. You can leave it in the porfolio but you are going to still be taxed on anything you revceive over the two million and your basis or investment in the stock is the Fair Market Value so you wont be taxed when you sale it. I would look into the benefits because some could carry down to the survivers. The Estate will actually pay the taxes but make sure that it does or else then any assets you receive could be encumbered with those taxes and the IRS doesn't care if youve already spent the money before they get around to looking at it. Also you can file a form 4422 to make sure that the assets do not have any tax liens on them. Remeber the IRS has 3 years to look at this return once you receive the assets you become liable for whatever is not paid. You can request they speed up the process to 18 months though.
2007-04-26 22:01:11

amazed:  #1 life insurance taxability really depends on whose life the policies were insuring, who owned the policies (generally who paid the premiums) and if the policies were insuring the deceased relative, then, who were the beneficiaries. if the deceased owned policies on his own life and named his children the beneficiaries then there is no federal estate tax on the proceeds. but if in the same example the insured (deceased) held policies on his own life and did not name a beneficiary(s) or there are no living beneficiaries ( or no named contingent ) then the proceeds of the policies are taxable for federal estate tax purposes. (reason enough to make sure those beneficiaries are named or update routinely) most states follow the federal guidelines on this point. #2 regarding the investments the deceased held in his name only. either way it can be accomplished if all are in agreeance on the matter. the simplest and most expedite way of handling it may be to liquidate these assets. nonetheless this is a decision that must be agreed upon by both the executor and the individual beneficiaries of the estate. if the beneficiaries request and the executor agrees to a transfer of securities and other assets in lieu of a total liquidation and disbursement (and the executor has investigated the proper procedure for doing so and it is feasable and prudent) then that is a personal choice..... in the absense of agreenace on the above i would recommend that the assets be liquidate and disbursed. it can not hurt to inquire of each beneficiaries needs and wants in this regard... #3 unless he has minor children all veteran benefits cease with the veterans death... #4 social security benefits are for retirees and dependent children only. unless he left minor children there would be no social security benefits payable in the matter you speak.... social security provides a one time benefit, but only if the deceased left a spouse.... if they left no spouse then there is no one time death payment (?$255.00) the only other "benefit " that social security may provide is the bumping up of a surviving spouse only (if living) current retirement benefit.. this is done to help stabilize the income of a surviving spouse left with a very small check as compared to the deceased spouse. the survivng spouse will receive the larger of their individual retirement check or that of a deceased spouse (not both).... the surviving spouse is almost ALWAYS the receivor of social securit benefits of minor children the estate would never be the payee or receivor of social security benefits. the payment of taxes for an estate are the responsibility of the executor or personal representative of the estate. ultimately the tax due for all assets held in the name of the deceased only ( no co-owner or listed beneficiary) are due and owed by the estate and would be paid by the estate from the proceeds of the liquidated sole owner property. the other property (co-owned or listed beneficiary property) is usually at some point transferred to the co owner or beneficiary with the proper amount of the prorated tax held back or withheld or separately paid by the new owner to procure the transfer of the asset.(this is done with the assistance of the attorney representating the estate) the executor is the person responsible ultimately for the proper filing and reporting of all tax requirements regardless of whether it is federal or state juristdiction or whether for estate or income tax want to know more on estates or executors and YOUR STATE check out your local library i am sure they have many books on this very subject and most will be very informative
2007-04-27 20:16:21