Tag Archives | beneficiary

Do I Have to Pay for That?

The death of a loved one is an emotional time, the last thing anyone wants is added stress.  Unfortunately, when that Do I Have to Pay for Thatloved one leaves a significant amount of debt behind, the added stress of how it’s going to get paid and by whom is inevitable.  Fortunately, the law addresses how an individual’s debts can be paid after they are deceased. Continue Reading →

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The IRS Wants You To Have Angry Beneficiaries

Loophole

Imagine you’re the personal representative (executor) of your uncle’s estate. In his will, he’s left $10,000 to a dear friend in Italy. Your attorney calls and says, “We need to get in touch with Sophia in Rome to let her know she needs to ‘register’ with the IRS.”

Your first reaction might be “Sophia is a bit of a hothead – she’s not going to like this one bit.” Your second reaction might be, “This sounds like something that could hold things up.” You could easily be right on both counts. Continue Reading →

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Death & Social Security

No one really likes to talk about what is going to happen after they die, but knowing what could happen can help you death & Social Securityplan for the loved ones you leave behind.  Typically notification of a death to the Social Security Administration is handled by the funeral director.  Any benefits received for the month of death or any months after that must be returned.  If benefits are paid by direct deposit Continue Reading →

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Is What I Leave My Beneficiaries Taxable?

For most of us, the primary goal of estate planning is to make sure that loved ones are taken care of after they we’re gone.  We undoubtedly want to ensure that the full value of the assets we leave behind is passed on to our beneficiaries.  Have you ever wondered though, “will my beneficiaries have to pay taxes on what I leave behind?”  As a general rule, the simple answer to that question is “No”.  It helps to understand when a simple “No” will do, and when you might encounter an exception to the general rule. Continue Reading →

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Myth Buster: The Reading of the Will

Undoubtedly you’ve all seen it, an attorney gathers the family members of the recently deceased together and readsReading of the Will aloud the terms of the last will and testament, often with dramatic results.  Scenes like this are so well known that many people take for granted that these “reading of the will ceremonies” are the first step in the estate distribution process.  We’re here to bust that myth, they make for great scenes in movies, but in real life they just don’t happen.  Here’s why… Continue Reading →

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Oakstone Law
1415 Panther Lane, Suite 439
Naples, Florida 34109
Tel: 239.206.3454