...

..

Your bad credit loan request is approved in less than 60 minutes.

October 6, 2010

estate tax

Comments Off

The process of settling an estate is usually referred to as probate. The primary purpose of probate is to fix the rights of the persons who are to receive the property of the decedent. When these rights are established by the probate court, questions will not likely arise later as to ownership of the property.
The steps in probating an estate of a deceased person are similar whether the decedent died testate (with a will) or intestate (without a will). A petition is filed in the District Court setting out the time and place the decedent died, together with facts showing that the Court has jurisdiction over the estate. Such facts may be that the decedent died or owned property within that county, or was a resident thereof when he died; in addition the petition shows the name of the executor (the person named by the decedent in his will to be his personal representative) and whether he is willing to serve, the names, ages, and residences of known heirs, and the probable value and character of estate property. The petition may be filed by any person interested in the estate including creditors of decedent.
Whether the decedent died testate or intestate, a hearing will be held. A legal notice must be published at least one time in a newspaper within the county. The publication must appear at least ten days before the date set by the court for hearing the petition; also the notice must be mailed to every known heir, legatee, and devisee of decedent.
At the hearing on the petition to probate a will, evidence is offered to prove the above mentioned statements. The executor testifies at the hearing and at least one witness who attested the execution of the will must testify unless the will is self-proving. If no will was left by the decedent, then in addition to the above-mentioned facts, the testimony must show that the applicant for Letters of Administration is eligible to serve.
After an executor or administrator is appointed, a Notice to Creditors is published in a newspaper within the county twice a week for two consecutive weeks. The notice directs the creditors of the decedent to submit their claims against the estate within two months from first publication of the notice or the claims will be barred from collection.
While the Notice to Creditors is being published, the executor or administrator prepares an inventory of the real and personal property in the decedent’s estate under the direction of his attorney. Three appraisers (usually nominated by the executor) are appointed by the court. The appraisers are directed to determine the value of property shown on the inventory. Their report is then filed with the court. The executor must prepare and file an estate tax return with the Oklahoma Tax Commission and if the gross estate exceeds the allowable exemptions and deductions a return must also be prepared and filed with the Federal Government. These returns must be submitted by the executor and if any tax is due, it must be paid by the executor from the estate of the decedent.
After the estate taxes have been paid, the executor files his final account with the court showing all income and disbursements of the estate and the property under his control available for distribution; he asks the court to fix a time for hearing his accounting and report. A notice of the hearing is published two times by a newspaper at least 20 days before the hearing. It is mailed to all of the heirs, legatees, and devisees of decedent prior to the hearing on the final account.
The notice must also state that the court will make a determination of the heirs and devisees of the decedent. At the time of the hearing on the final account, evidence is offered in support of the final accounting and to prove the identity and eligibility of those persons who by law or by the will are entitled to receive property remaining in the estate. When proof of distribution can be shown by the executor, he asks the court for discharge from his office as executor.

September 29, 2010

Other Uses of Trusts, Trusts

Comments Off

Some additional conditions and uses for which a trust should be considered are as follows:
• When the beneficiaries are minors.
• When dependents are incapacitated.
• When a beneficiary is a spendthrift or incapable of managing the business.
• When the beneficiary is a person who does not desire to worry or be bothered with the business responsibilities.
Many professional trustees, such as banks  and trust companies, have special arrangements for handling farm trusts. Generally banks charge 1/2 to 1 percent of the trust principal per year. This charge may vary depending on size and nature of the trust. On the other hand, a relative or a person having management experience and qualifications and trusted by the family could be named as a trustee.

September 2, 2009

Term spreads

Comments Off

The yield curve is not static and may experience parallel or non-parallel shifts. When an economy is overheating and inflationary expectations are rising the rates at the short end tend to rise further than rates at the long end. Central bank open market operations are more effective at the short end of the yield curve than the long end. When an economy is slowing or moving into recession central banks tend to cut rates at the short end aggressively. These shifts provide opportunities to bet on the spread between short-term and long-term rates widening or narrowing.

  • Recent comments

  • Popular posts

    • None found