I live in Florida near my Dad. I'm an only child as well as his POA. He & Mom put their home in my name with their life estate attached in 2011 before she died. I am on Dad's bank account & his will leaves everything to me. My adult daughter is on his account as well incase I can't do something for him then she can she is also the backup POA as he only has us 2 to help him. When Dad passes who gets his bank account? Will there be inheritance taxes or anything like that? My Dad also owns a 2nd home with my Uncle. When my Dad dies do I get his 1/2 or does it all go to my Uncle?
Some states have a quick process for estates under $60k. Some do not.
All,things considered...it is just cheaper to stay away from them. Set up a trust...or keep everything in Joint, WROS.
For anything that isn't already held by you in WROS...the will is the guide on how it distribute. However, unless it is in a trust...the executor must take it to probate court. This is unfortunate, if there is more than $60k to distribute, the probate court will take a percentage up front. I suggest, while he is still living...get a trust set up. Avoid probate court is a good idea!
Unless his assets are worth millions, there will be no inheritance tax.
If he has an Individual Retirement Account (IRA) money withdrawn from that account will be taxed at your tax base the year you take it. You can roll it over into and account called an Inherited IRA under your name (or your daughter can if she is named in the will as getting a portion of the IRA) and then you withdraw so much per year. This can help keep the tax burden manageable. There's no no inheritance tax on it...only good ole income tax since that moneys never been taxed.
If he has a sizable estate then it would be best to get advice from a tax accountant without a doubt. As for the house owned with the Uncle, depends, as Glad said, on a will, or even on how the title on the house reads....any way you can look at the title?