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TAXES
Providing specific and acceptable service in this area is difficult at best. Assistance can be provided by competent tax attorneys or accountants.
WILLS AND ESTATES
Perhaps it is important to describe several of the provisions that are applicable to Wills and Estates.
(1) Community Property Laws
- are State laws that provide for the joint ownership of property when acquired during the marriage. It does not matter whether the property was acquired by both parties together or one party singularly, it is still Community Property, unless, of course, one spouse disclaimed an interest in the property by a proper deed.
The effect of this law makes it impossible for one spouse to will away the other spouse's interest in any property. The states having Community Property Laws are as
follows: Arizona, Nevada, California, New Mexico, Idaho, Texas, Louisiana, and Washington (state).
(2)Curtesy Laws - Curtesy Laws were adopted by certain States to provide the husband with the legal right to use one-third or more of t he deceased wife's real
property for as long as he lives, even if the property w as sold to a third party, provided of course that the husband did not sign the deed to the property when it was sold. Not all states have Curtesy
Laws, but those that do are listed as follows: Delaware, District of Columbia, Hawaii, Kentucky, Massachusetts, Ohio, Rhode Island, Tennessee, Vermont, Virginia, West Virginia, and Wisconsin.
(3)Downer Laws
- Downer Laws are adopted by certain States to provide the wife with the legal right to use one-third or more of the deceased husband's real property for as long as she lives. And as held under Curtesy Laws, this right applies even though the property was sold to a third party. This is provided that the wife did not sign the deed when it was sold. Those States having Downer Laws are as follows: Alabama, Delaware, Florida, Hawaii, Wisconsin, Kentucky, Massachusetts, Michigan, Montana, New Jersey, Ohio, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia.
(4)Estate Taxes
- An Estate is subject to two (2) kinds of taxes, Federal Estate Taxes and State Inheritance Taxes. Generally, State Inheritance Taxes are based upon a fixed percentage of the value of the gross estate after all applicable deductions are made. This percentage of course varies from state to state, but the average is around six percent (6%). The Federal Estate Taxes are based upon a graduated scale that was revised in 1981 under what is called the "1981 Economic Recovery Tax Act". The Act revised the maximum Estate Tax Rate effective in each of the years that followed its enactment.
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