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If there are any problems or if the executor thinks it is best, a probate attorney may need to be hired. ... Gifts over $15,000 in value per year to the same recipient are subject to tax. Anything ...
Here’s a step-by-step guide on what you need to know about what to do as an executor of a will. ... pay at least $150 an hour for a probate lawyer, according to AllLaw, although probate work can ...
Probate can be both a lengthy and expensive process. According to Trust & Will , probate fees consume 2% to 7% of an estate’s value, leaving only 93% to 98% for beneficiaries.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
For a person dying during 2006, 2007, or 2008, the "applicable exclusion amount" is $2,000,000, so if the sum of the taxable estate plus the "adjusted taxable gifts" made during lifetime equals $2,000,000 or less, there is no federal estate tax to pay.
One way to minimize or avoid U.S. Federal gift, estate and generation-skipping transfer taxes is to distribute the property in incremental gifts during the person's lifetime. Individuals may give away as much as $17,000 per year (in 2023) to another person without incurring gift tax or using up any of their lifetime exemption amount.
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