Question: Paying Estate Taxes, please advise
What is the name of your state?What is the name of your state? California
I have just learned that the executor/beneficiary must pay taxes on the total value of estate at 48% due within nine months (above the tax credit for that year). Question is, if both the executor and myself are beneficiaries on all the fiancial accounts but not listed as joint holder of the accounts with the deceased, may we or may we not use that money in those accounts to pay the tax and any estate bills due? I was told that we could not have access to those accounts until all the estate has been distributed and it cannot be distributed until the taxes are paid, catch 22. Is this true? If the executor had power of attorney and was beneficiary of the financial accounts of the deceased, does POA stop upon death of the owner of the accounts? Also, is life insurance to be received part of the estate total? And if it is included, do we have to wait for the estate tax to be paid before it can be claimed or used? Thank you.
What is the name of your state?What is the name of your state? California
I have just learned that the executor/beneficiary must pay taxes on the total value of estate at 48% due within nine months (above the tax credit for that year). Question is, if both the executor and myself are beneficiaries on all the fiancial accounts but not listed as joint holder of the accounts with the deceased, may we or may we not use that money in those accounts to pay the tax and any estate bills due? I was told that we could not have access to those accounts until all the estate has been distributed and it cannot be distributed until the taxes are paid, catch 22. Is this true? If the executor had power of attorney and was beneficiary of the financial accounts of the deceased, does POA stop upon death of the owner of the accounts? Also, is life insurance to be received part of the estate total? And if it is included, do we have to wait for the estate tax to be paid before it can be claimed or used? Thank you.
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