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February 5, 2024
By
The Admiral Staff
A reader, “Half an Heir,” is concerned about the distribution of their mother’s estate, where they and their brother were to receive 50% each. The brother was appointed executor and has received $95,000 while the reader has only received $45,000. Experts advise exploring whether a will exists outlining distribution, as executors must follow its instructions. If no will exists, while an equal split is often assumed, documented evidence of the mother’s
February 3, 2024
By
The Admiral Staff
The author advises someone who was excluded from their mother’s will, despite it originally dividing assets equally among three children, to first obtain a copy of the will from the probate court to verify beneficiary status. They caution that the will doesn’t tell the whole story, and assets like retirement accounts bypass probate. The author suggests requesting documentation from the sister claiming the estate was depleted and recommends consulting with a probate attorney immediately, as legal challenges have time limits and can be costly. Potential issues include mismanagement of
January 27, 2024
By
The Admiral Staff
Inherited money and assets are generally not subject to federal income tax or federal estate tax, with the latter applying only to estates worth millions. Pennsylvania, however, does impose an inheritance tax on recipients, with rates varying based on the relationship to the deceased. For direct descendants like a child, the rate is 4.5%, though discounts are available for prompt payment, and exemptions exist for farmland or estates related to military service. Seeking professional financial and tax advice is recommended.
January 11, 2024
By
The Admiral Staff
This article explores RV loans as a way to finance the purchase of a recreational vehicle, which can range from $35,000 to $300,000. RV loans function similarly to auto loans but often have longer terms (potentially up to 20 years) and higher interest rates (typically 4-6%). The article outlines financing options including dealership loans, bank/credit union loans, and personal loans, emphasizing the importance of comparing rates and pre-approval.
January 2, 2024
By
The Admiral Staff
The article addresses concerns about potential capital gains taxes when selling a home with significant appreciation. Homeowners can often avoid taxes by selling their primary residence, as a profit of up to $250,000 for single filers (or $500,000 for those filing jointly) is exempt from capital gains tax. Any profit exceeding that amount is subject to capital gains tax rates (0%, 15%, or 20% depending on income). The article advises
