My wife’s mother passed in the spring. The lawyer hired by the family went to probate court and then had my wife set up a bank account for the estate. The house sold within a couple months of her passing. All the funds from the house and all other investments that did not have beneficiaries named have been deposited in that account. Once probate is completed, I assume one check for 1/2 will be given to my wife and the other to her brother and the account will be closed. I would expect that direction would come from the court and the family lawyer. The lawyer has coordinated everything up to this point.
Inheritance Questions
- Thread starter cycloner29
- Start date
Give me a call if you want, it's easier to talk through than type.. In Iowa there is Inheritance tax for non-lineal inheritance.
Sorry for the slow response I was racing all weekend
Friday - Webster City - broke a driveshaft while running 5th
Saturday - Webster City - finished 3rd
Sunday - Osborn, MO World of Outlaws - finished 19th
Not for Iowa Inheritance taxes.
I had a unique situation one time where 2 unmarried brothers with no kids lived together on a farm. First brother dies with no will, so everything is inherited by the other brother since they are the only siblings left. A couple weeks later the other brother dies and leaves everything via will to their cousin.
Had to do an Iowa Inheritance tax return for 1/2 the value when the first brother died, then had to do a 2nd Inheritance tax return for the entire value when the 2nd brother passed. Unique situation.
I'll just repeat what several people have already said. If there's a lawyer that's already being paid here, this type of question should be answered by him/her. Their fee is fixed at 2% of assets so they're not charging you by the hour. I really can't stress this enough, but don't take legal advice from CycloneFanatic. I love you guys, but wouldn't trust you to dogsit.