Bank Charges - Page 4

Nightowlz · ‎03-11-2010

@Icegoddess wrote:
@Nightowlz wrote:

@Icegoddess

You would think it would fall under money transferred from one credit union to another credit union. My dad passed in 2016.
When my FIL passed my MIL received half the house while the other half went to the 4 siblings since there was no Will that's how it works. I told DH all you kids should have signed your rights away so the house stayed in your mom's name. It's her house? The way it was they would end up paying taxes. 9 yrs later the 4 siblings finally went to the lawyer to sign it back to his mom. After my SIL in Ca & SIL in Fl found out they would have to pay taxes on it plus file a return in their state plus file federal & state returns here they didn't want to do that.
They thought it was inheritance. I told DH not the way the lawyer did it it's not? I said the lawyer set it up with all of you part owners of your mom's house?

@Nightowlz your Dad died in 2016 and you have to liquidate his retirement account within 10 years? That law didn't go into effect until 2020. My Dad died in 2014 and I never have to liquidate it.

My father had a Financial Advisor who actually went up to the VA hospital before his death and had him sign Transfer on Death for all his accounts. Actually, his secretary thought of it. That way, he was able to split all of the accounts down the middle between me and my sister. If it hadn't been for one account he had that wasn't with that Financial Advisor we wouldn't have had to pay to probate the Will which was very simple, basically said split everything hedown the middle between me and my sister. Anything he wanted to specifically go to us and the grandkids he put in a separate letter in the lockbox with the Will.

I did not like the lawyer we ended up with. My Dad's former lawyer who had retired recommended him, but he and i had a disagreement over Dad's checking account. He wanted it frozen until after the Will was probated and I wanted it to stay set up to pay the bills. I told him I had every right to just clean that account out since my name was on it. My sister and I went to the bank and the lady at the bank told us not to do it either. She said that was our money. She called the lawyer's office and said she wouldn't do it and if he had a problem with that to call her. Of course, he had left for the day, LOL.

The part about what happens with the house when you die without a Will varies from state to state. The state I grew up in it used to be the wife would get what is called Life Estate which means she doesn't own it and can't sell it, but can live there for the rest of her life, at which point the children all owned equal shares. Not sure who would pay taxes on it. The intestate laws have since changed though.

@Icegoddess

My dad never had a 401k or IRA. He was retired military. He was also retired from Civil Service.

He had a Life Estate I think my sister called it. When he passed his house & car automatically transferred to her name. She could have kept the house but we don't do stuff like that. We sold the house & divided what we got.

I will listen to what a Financial Advisor has to say but we will do our own research. I don't trust them to have our back.

I bet the transfer of death made it so much easier. I was reading about those different transfers they have. So much to read about so we can figure out what we need.

I don't think the checking account should be frozen. Like you said how do they expect his bills to be paid? My sister made sure all dads bills were paid. I was also on the checking account.

My MIL's house is finally back in her name so we no longer have to deal with that. She's going to put her house up for sale soon.

beckyb1012 · ‎03-09-2010

@Icegoddess wrote:
@Nightowlz wrote:

@Icegoddess

You would think it would fall under money transferred from one credit union to another credit union. My dad passed in 2016.
When my FIL passed my MIL received half the house while the other half went to the 4 siblings since there was no Will that's how it works. I told DH all you kids should have signed your rights away so the house stayed in your mom's name. It's her house? The way it was they would end up paying taxes. 9 yrs later the 4 siblings finally went to the lawyer to sign it back to his mom. After my SIL in Ca & SIL in Fl found out they would have to pay taxes on it plus file a return in their state plus file federal & state returns here they didn't want to do that.
They thought it was inheritance. I told DH not the way the lawyer did it it's not? I said the lawyer set it up with all of you part owners of your mom's house?

@Nightowlz your Dad died in 2016 and you have to liquidate his retirement account within 10 years? That law didn't go into effect until 2020. My Dad died in 2014 and I never have to liquidate it.

My father had a Financial Advisor who actually went up to the VA hospital before his death and had him sign Transfer on Death for all his accounts. Actually, his secretary thought of it. That way, he was able to split all of the accounts down the middle between me and my sister. If it hadn't been for one account he had that wasn't with that Financial Advisor we wouldn't have had to pay to probate the Will which was very simple, basically said split everything hedown the middle between me and my sister. Anything he wanted to specifically go to us and the grandkids he put in a separate letter in the lockbox with the Will.

I did not like the lawyer we ended up with. My Dad's former lawyer who had retired recommended him, but he and i had a disagreement over Dad's checking account. He wanted it frozen until after the Will was probated and I wanted it to stay set up to pay the bills. I told him I had every right to just clean that account out since my name was on it. My sister and I went to the bank and the lady at the bank told us not to do it either. She said that was our money. She called the lawyer's office and said she wouldn't do it and if he had a problem with that to call her. Of course, he had left for the day, LOL.

The part about what happens with the house when you die without a Will varies from state to state. The state I grew up in it used to be the wife would get what is called Life Estate which means she doesn't own it and can't sell it, but can live there for the rest of her life, at which point the children all owned equal shares. Not sure who would pay taxes on it. The intestate laws have since changed though.

In Texas if you die Intestate than the Life Estate is for surviving spouse. Once they pass then the surviving children get that portion and if one of the children as passed on as well then it goes on down to the grandchildren if any. It is the same for real property and mineral royalty interests as well for a Life Estate.

States are different but most do follow the Uniform Laws for Estate Planning.

"Live frugally, but love extravagantly."

Icegoddess · ‎03-19-2010

@Nightowlz Absolutely look into Transfer on Death or TOD. I changed all my investment accounts to that after that experience. Some of it would go to my husband if he survives and the rest to my daughter.

The reason I didn't have to freeze the checking account was only because my name was on the account. And there's a difference if the account is AND vs OR. Otherwise, it's considered part of the estate and the funds are frozen until the Will is probated. It's there in case someone shows up making a claim. It was convenient to have the few bills like electric/gas come directly out of it, but if the name had just been him, we would've had to pay those bills out of our own pockets until probate had finished.

We still have a strip of land up in TN we can't seem to get rid of because our Aunt left it to several people and one of those people has died but the kids didn't transfer title to them. It's a mess. One of the owners just transferred his ownership over to the one relative that cares for the property.

Nightowlz · ‎03-11-2010

@Icegoddess wrote:
@Nightowlz Absolutely look into Transfer on Death or TOD. I changed all my investment accounts to that after that experience. Some of it would go to my husband if he survives and the rest to my daughter.

The reason I didn't have to freeze the checking account was only because my name was on the account. And there's a difference if the account is AND vs OR. Otherwise, it's considered part of the estate and the funds are frozen until the Will is probated. It's there in case someone shows up making a claim. It was convenient to have the few bills like electric/gas come directly out of it, but if the name had just been him, we would've had to pay those bills out of our own pockets until probate had finished.

We still have a strip of land up in TN we can't seem to get rid of because our Aunt left it to several people and one of those people has died but the kids didn't transfer title to them. It's a mess. One of the owners just transferred his ownership over to the one relative that cares for the property.

@Icegoddess

If DH doesn't set something up for his mom he will have to go through probate. There's no need. All she will have is proceeds to her house. They will divide it 4 ways.

DH is on her checking account. I don't doubt the bank she banks with will freeze her account. When she took DH to the bank to add him to her account they acted like he would be stealing her money? They can do what they want. We will make sure her bills get paid.

My dad paid for graves, markers, some other funeral expenses before he passed. His deceased step sons daughter kept making a big deal about the grave. She wanted her share of how much it was worth. She said he left it for her dad not our brother? The marker had my brother's name on it. They both had the same first name. Everyone knew exactly who it was for? It was originally for his second wife which didn't want to be buried with mom & dad. Good. Dad gave it to one of my brothers my failed to update the paperwork on it.

We lucked out when the funeral place was sold & under new ownership. My sister called to tell them she was faxing over paperwork on my brothers site which she need them to sign off on. She didn't get into what was going on. They could see what was on the marker. They signed off on whatever my sister sent them. My brother passed & is there now. Glad we don't have to deal with non family members anymore.

Hope you get your dilemma figured out.

Icegoddess · ‎03-19-2010

@Nightowlz wrote:
@Icegoddess wrote:
@Nightowlz Absolutely look into Transfer on Death or TOD. I changed all my investment accounts to that after that experience. Some of it would go to my husband if he survives and the rest to my daughter.

The reason I didn't have to freeze the checking account was only because my name was on the account. And there's a difference if the account is AND vs OR. Otherwise, it's considered part of the estate and the funds are frozen until the Will is probated. It's there in case someone shows up making a claim. It was convenient to have the few bills like electric/gas come directly out of it, but if the name had just been him, we would've had to pay those bills out of our own pockets until probate had finished.

We still have a strip of land up in TN we can't seem to get rid of because our Aunt left it to several people and one of those people has died but the kids didn't transfer title to them. It's a mess. One of the owners just transferred his ownership over to the one relative that cares for the property.
@Icegoddess

If DH doesn't set something up for his mom he will have to go through probate. There's no need. All she will have is proceeds to her house. They will divide it 4 ways.
DH is on her checking account. I don't doubt the bank she banks with will freeze her account. When she took DH to the bank to add him to her account they acted like he would be stealing her money? They can do what they want. We will make sure her bills get paid.
My dad paid for graves, markers, some other funeral expenses before he passed. His deceased step sons daughter kept making a big deal about the grave. She wanted her share of how much it was worth. She said he left it for her dad not our brother? The marker had my brother's name on it. They both had the same first name. Everyone knew exactly who it was for? It was originally for his second wife which didn't want to be buried with mom & dad. Good. Dad gave it to one of my brothers my failed to update the paperwork on it.
We lucked out when the funeral place was sold & under new ownership. My sister called to tell them she was faxing over paperwork on my brothers site which she need them to sign off on. She didn't get into what was going on. They could see what was on the marker. They signed off on whatever my sister sent them. My brother passed & is there now. Glad we don't have to deal with non family members anymore.
Hope you get your dilemma figured out.

@Nightowlz Something to check into, in the state that my Father died in, we would not be able to sell the house for a certain number of years if we didn't go through probate. I can't remember if it was 2 or 5 years. At the time, it wasn't a big deal since we thought it might take that long to clean it out and get it ready to sell since both of us live about 2 hours away and could only meet occasionally. However, since we ended up having to go through probate, we were able to sell it earlier and did.

Nightowlz · ‎03-11-2010

@Icegoddess wrote:
@Nightowlz wrote:
@Icegoddess wrote:
@Nightowlz Absolutely look into Transfer on Death or TOD. I changed all my investment accounts to that after that experience. Some of it would go to my husband if he survives and the rest to my daughter.

The reason I didn't have to freeze the checking account was only because my name was on the account. And there's a difference if the account is AND vs OR. Otherwise, it's considered part of the estate and the funds are frozen until the Will is probated. It's there in case someone shows up making a claim. It was convenient to have the few bills like electric/gas come directly out of it, but if the name had just been him, we would've had to pay those bills out of our own pockets until probate had finished.

We still have a strip of land up in TN we can't seem to get rid of because our Aunt left it to several people and one of those people has died but the kids didn't transfer title to them. It's a mess. One of the owners just transferred his ownership over to the one relative that cares for the property.
@Icegoddess

If DH doesn't set something up for his mom he will have to go through probate. There's no need. All she will have is proceeds to her house. They will divide it 4 ways.
DH is on her checking account. I don't doubt the bank she banks with will freeze her account. When she took DH to the bank to add him to her account they acted like he would be stealing her money? They can do what they want. We will make sure her bills get paid.
My dad paid for graves, markers, some other funeral expenses before he passed. His deceased step sons daughter kept making a big deal about the grave. She wanted her share of how much it was worth. She said he left it for her dad not our brother? The marker had my brother's name on it. They both had the same first name. Everyone knew exactly who it was for? It was originally for his second wife which didn't want to be buried with mom & dad. Good. Dad gave it to one of my brothers my failed to update the paperwork on it.
We lucked out when the funeral place was sold & under new ownership. My sister called to tell them she was faxing over paperwork on my brothers site which she need them to sign off on. She didn't get into what was going on. They could see what was on the marker. They signed off on whatever my sister sent them. My brother passed & is there now. Glad we don't have to deal with non family members anymore.
Hope you get your dilemma figured out.
@Nightowlz Something to check into, in the state that my Father died in, we would not be able to sell the house for a certain number of years if we didn't go through probate. I can't remember if it was 2 or 5 years. At the time, it wasn't a big deal since we thought it might take that long to clean it out and get it ready to sell since both of us live about 2 hours away and could only meet occasionally. However, since we ended up having to go through probate, we were able to sell it earlier and did.

@Icegoddess

Never thought you would have to wait 2-5 yrs to sell the house? Dad's house sold in less than 6 months.

Hopefully my MIL's house will sell fast since we have to deal with it. She's having a new roof installed since she had hail & insurance is paying for it. If the buyers ask for anything else she said no. She doesn't have the money to do anything to the house. I told DH she could give them some off price of house she just can't pay for anything before that happens.

At least she finally bought some hearing aids so DH can actually have a discussion with her. Hard to take care of things for her when she couldn't hear. She didn't want hearing aids before but since it has gotten worse she didn't like being left out of coversations since she didn't know what anyone was saying.