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No will in FL - what next?

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nae14

Junior Member
What is the name of your state? FL

My mother recently passed and she didn't have a will. My father is still alive and owned the house with her. She had stocks in her name only, on which I was named TOD, and a 401K that has my father named as the beneficiary. I am listed on her checking account as the POD beneficiary. Would we still need to go through probate? And, do we still pay a federal estate tax? The total value of the stocks, checking and the 401K are more than $650,000.

I have never been through this and don't know where to start. Any help would be appreciated.
 


ladybg1

Member
the 401k,stocks & bank acct would not go in probate anyway. The house may be a different story. She needs to be taken off the deed to avoid a big mess when your father passes. You should probably contact a real estate atty to vfy what needs to be done. If any vehicles are involved with titles saying "Jane OR John", your dad can remove her from the title without probate. If that middle word is "AND"--he is going to need to be the personal representative of her estate to change it. Fla does have an informal probate that can be used if no Real estate is involved. This does not require an atty.
The big key here is how the house was deeded-if joint w /rights of survivor-he shouldn't have a problem.
Went thru this with my dad 3yrs ago. What part of Fla?
 

nae14

Junior Member
They are in Melbourne. On the deed for the house they are both listed with an "and".

If I am understanding what I found on the IRS site... if the total estate isn't more than $2 million, there is no estate tax due... am I correct?
 

Dandy Don

Senior Member
There is no personal federal income tax due on what the beneficiaries receive individually because of the $2 million exemption.

There may be estate tax due to the value of the home that is being probated and that is payable by the estate executor if there are enough assets.

Please be sure to consult with a CPA or tax accountant to help you determine tax liability--there may or may not be state tax liability but no federal tax.
 

anteater

Senior Member
There is no personal federal income tax due on what the beneficiaries receive individually because of the $2 million exemption.

There may be estate tax due to the value of the home that is being probated and that is payable by the estate executor if there are enough assets.

Please be sure to consult with a CPA or tax accountant to help you determine tax liability--there may or may not be state tax liability but no federal tax.
The $2M exclusion has absolutely nothing to do with federal income tax.
 

ladybg1

Member
this may have changed in 3yrs-but fed estate tax wasn't applicable unless the gross estate was over 650,000.00 Fla does not charge estate tax unless you are over the Fed amt. checking with a tax person or cpa would be a good idea. We had to sell my dads house & the real estate atty was a great help to us. email me off list if you want his info [email protected]
 

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