The positions of power of attorney and executor are distinct legal roles. An executor administers a person’s will after their death. A power of attorney may be granted authority to make decisions on behalf of another person in the event they are incapacitated and unable to act during their lifetime. Both are potentially powerful positions. […]
One of the primary duties of an individual who has been named executor of a will or administrator of a decedent’s estate is to pay the estate’s debts. Creditors have a right to hold an estate or trust responsible for paying its outstanding debts. Those who are owed money should file a creditor’s claim in a timely […]
As aggressive trial attorneys who litigate wills and trusts on behalf of abused beneficiaries, the lawyers of Albertson & Davidson, LLP, sometimes work with forensic accountants to examine a disputed estate’s financial records or to document the financial exploitation of an elderly person. A forensic accountant has the skills necessary to analyze the management and administration of a trust […]
A U.S. citizen or Green Card holder does not have to pay U.S. taxes on an inheritance from an individual living outside the United States. However, there are IRS reporting requirements when receiving an inheritance from a nonresident alien and/or a non-U.S. domiciled person. Inheriting money or other assets can be a complex process when […]
California is well-known as a community property state. In community property states, property that a couple acquires while married and residing in the state is owned by both spouses. And while community property is typically thought of as a legal concept connected to divorce, community property rules also apply to inheritance matters. When a person […]
