R
rmalc3
Guest
My mother passed on 12/22/01.
Question#1: My brother and I just received the monies from our mothers life insurance policy. It was less than $25K. Is this money taxable?
Question#2: My understanding is that life insurance is NOT part of her estate. I've gone through all of her bills and she had several credit cards with balances due. Are we legally bound to use the life insurance money we received to settle her debts?
Question#3: My mother did not own any property as side from furniture and clothing. Do we have to establish an estate? Do we have to name and executor? If so, can it be a family friend or does they have to be an attorney?
Thanking you in advance.
Question#1: My brother and I just received the monies from our mothers life insurance policy. It was less than $25K. Is this money taxable?
Question#2: My understanding is that life insurance is NOT part of her estate. I've gone through all of her bills and she had several credit cards with balances due. Are we legally bound to use the life insurance money we received to settle her debts?
Question#3: My mother did not own any property as side from furniture and clothing. Do we have to establish an estate? Do we have to name and executor? If so, can it be a family friend or does they have to be an attorney?
Thanking you in advance.