Dear Liza: Does a person receiving a gift from a sibling in another country have to pay gift tax on that gift in the United States? In the United States, gifts are not considered ordinary income, so you don’t have to report them or pay income tax... Read More
Dear Liza: My adult son just passed away. I would like to know whether, when his Will is probated, I will be able to see a copy? My condolences on your loss. Your son's Will must be filed in the probate court in the county in which he died as part... Read More
Dear Liza: My mother, suffering from Alzheimer’s, is completely mentally incompetent and living in a nursing home in Arkansas. I have only recently learned – surprise! – that she does not have a will. With my father and brother already... Read More
By Liza Weiman Hanks | Dear Liza: We live in Nebraska. I own a ranch with my brother. Part of it we inherited and a small part we purchased from family members. The total value of the ranch is $2.7 million. We have a buy sell agreement between us.... Read More
Dear Liza, I would like to give my son $200k to upgrade homes. Can me and my wife each give $13,000 to my son, daughter in law, and two grand children? That would be $102,000, and then apply the remaining $98,000 to the unified tax credit. Can I write... Read More
Dear Liza: My parents have a revocable Trust that is very outdated and we want to make amendments to it. I understand most of the Trust but am having trouble with the Survivors Trust. I was surprised to see that upon the death of one spouse a Survivors... Read More
Dear Liza, my parents do not have a living trust in place. I need to help them set one up. My father and mother are 91 and 83 respectively. My father has a form of dementia that prevents him from making decision about his property. My Mother is fully... Read More
Dear Liza My father wants to leave some of his assets to my brother and sister, however neither of them is particularly adept at handling money and he doesn’t want to hand them a large, lump sum. Can a Will stipulate that they receive payments on... Read More
Dear Liza, My father passed away recently, and all of his and my mom’s assets are held in a living trust (except an individual checking account), of which I am now the Trustee. A few collection agencies are now contacting me about collecting on... Read More
Dear Liza: My dad named his mother as his beneficiary, but she passed away in 2004. My dad died in 2013 but didn’t change his beneficiary. I am my father’s only child and he has no wife, so who gets the money ? When a person dies and there’s... Read More
Dear Liza: I would like to know if my wife and I had a will drawn up in Colorado and now reside in Arzonia do we need to have it redone? If your Will was valid in Colorado, it will be valid in Arizona. Both states require that a Will be in writing, be... Read More
By Liza Weiman Hanks | Dear Liza: I want to name my minor grandchildren as beneficiaries of my IRA account. How do I do that? Can I use my Will? It’s a smart idea to name minors as beneficiaries of your IRAs. Since they are young, they’ll... Read More
By Liza Weiman Hanks Dear Liza: My husband and I both have a will that states we are each other’s beneficiaries and executor’s and our son as 100% beneficiary of both of us died,. My husband has a daughter by a previous marriage. If my... Read More
Dear Liza: My husband is the sole executor (and only child) of his mother’s Will. There are no other beneficiaries listed in her Will. The only asset she had was a home which is valued at about $300,000. Does he need to probate her Will? As the... Read More
By Liza Weiman Hanks Dear Liza: I am the successor trustee of my parents trust. The have both passed and I was told before I disburse the assets I need to advertise a Notice to Creditors. How long and how many times do I need to advertise? Since... Read More