Executor Fees And Probate

Summary

On South Carolinas form 350ES, accounts with named beneficiaries are generally excluded from probate. Executor fees for a $1,000,000 estate can range from $20,000 to $50,000. Rebates from assisted living homes are included in probate, while high yield savings accounts are included unless they have a named beneficiary or joint tenancy. Taxes on IRAs are paid by beneficiaries, and joint tenant accounts typically pass outside probate. For annuities, qualified withdrawals are taxed as ordinary income, while non-qualified annuity earnings are taxed, but contributions are not. Consult a local attorney for personalized advice.

Full Conversation

on form 350es Lexington county, SC, am i required to include accounts with named beneficiary?
Hi Joe! On South Carolina's form 350ES, you generally do not need to include accounts with named beneficiaries, as they pass directly to the beneficiaries outside of probate. However, it's always a good idea to consult with a local attorney or estate planner to ensure compliance with all requirements.
how much should an executor of a will charge for services of a $*,*,* estate?
In South Carolina, executor fees are generally based on a reasonable rate for the services provided. For an estate worth $*,*,*, fees can range from *-*% of the estate's value. This means the executor could charge between $*,* and $*,*.
Do you need any more details or help with something else?
Is a rebate from an assisted living home included in probate?
Case Rating: *
Rebates or refunds, including those from an assisted living home, are generally included in probate as they are considered part of the decedent's assets. This means they should be listed and handled through the probate process.
Would you like more information on this topic or assistance with another legal issue?
Is a high yield savings account included in probate?
Case Rating: *
In South Carolina, a high yield savings account is generally included in probate unless it has a named beneficiary or is held in joint tenancy with rights of survivorship.
Do you have any other questions or need further assistance?
How are taxes paid on ira and joint tenant accounts in an estate?
Case Rating: *
Taxes on IRAs and joint tenant accounts in an estate are generally handled as follows:
- IRAs: Beneficiaries pay income taxes on distributions they receive from the IRA.
- Joint Tenant Accounts: Typically pass outside of probate, and the surviving joint tenant assumes full ownership. No estate tax is generally due.
Do you have any other questions or need further assistance?
how do you calculate taxes on a annuity account
Case Rating: *
For annuity accounts, the tax treatment depends on how and when you receive payments:
- Qualified Annuities: Withdrawals are generally taxed as ordinary income.
- Non-Qualified Annuities: Earnings are taxed as ordinary income, but contributions are not taxed again.
Do you have any other questions or need further assistance?
how do you calculate taxes for Non-Qualified Annuities: Earnings are taxed as ordinary income, but contributions are not taxed again.
Case Rating: *
To calculate taxes for Non-Qualified Annuities:
- Identify the earnings from the annuity (interest, dividends, etc.).
- These earnings are taxed at your ordinary income tax rate.
- Contributions made with after-tax dollars are not taxed again.
Would you like more details on this topic or assistance with another legal issue?
tax implications on a deferred annuity non qualified?
Case Rating: *
For tax implications on a non-qualified deferred annuity:
- Earnings (interest, dividends, etc.) are taxed as ordinary income when withdrawn.
- Contributions made with after-tax dollars are not taxed again.
Would you like more details or assistance with another legal issue?
tax implications on an inherited non qualified deferred annuity
Case Rating: *
For an inherited non-qualified deferred annuity in South Carolina:
- The beneficiary pays ordinary income tax on any earnings when withdrawn.
- The original contributions are not taxed again.
Would you like more details or assistance with another legal issue?