AboutRichard Fritzler Expertise Comparing the advantages and requirements of traditional estate practices, and unconventional methods? Are Trusts a viable asset protection vehicle? Is there an alternative to buying life insurance to reduce the impact of the estate tax. Is the elimination of the estate tax during the next decade good for everyone? I can review the benefits and misinformation that exists.
Experience I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. We specialize in developing plans that eliminate the estate tax, not find a way to prepay it. Most small businesses do not survive the death of the principal. We want small businesses to not only survive, but flourish.
Organizations National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association
Publications Contributing author to "The Corporate Standard Newsletter".
Expert: Richard Fritzler Date: 6/11/2008 Subject: Estate left to heirs
Question My father and mother owned a half acre of land.The land was in my father's name only.He had 7 stepchildren and 4 children of his own by 2 separate marriages and 1 adopted child.2 of the 4 children of his own are deceased.My father and mother are both deceased now. My question is out of all us children, who inherits the land?
Answer If the land was not in a living trust, then it will be probated. Whether or not your parents had a Will, the probate court will determine who gets what percentage of the property.
A Will is only a list of suggestions to the probate court anyway.
Each state probate court has a strict guideline that determines distribution. Each State is slightly different. Normally all children (including adopted) are treated equally, regardless of which marriage. Step children would normally be linked to their mother and would receive based upon her ownership interest. There may be a marital claim on the property, if the current spouse did not voluntarily give up their ownership interest. This is where the terms "Joint tenency", and "tenants in common", and "community property" come into play. But each state is different, and I can't tell you each states rules.
Richard Fritzler http://www.owelesstax.com
http://www.nevadacorporateservices.com
phone 800 590-6612
