QUESTION
How can I claim the $3500 exemption, which would cover the furniture, etc.?
Asked on Jan 29th, 2013 on Estate Planning - Michigan
More details to this question:
My mother set up a trust and will, and has died. She left a little cash in the bank, funeral expenses, and some furniture and clothes - no real estate, stocks or bonds. She lived with me. How can I claim the $3500 exemption, which would cover the furniture, etc.? Do I pay expenses, then split the rest (there is some life insurance) with the other 4 kids as in the will?
5 ANSWERS
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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I am not sure what exemption you are referring to. There is a $14,000 exempt personal property allowance. Is that what you are referring to? Why are you wanting to do this? Are there creditor claims against the estate? Is this a contested estate? I think you may need to visit with a probate attorney to discuss this further.
Answered on Feb 01st, 2013 at 4:22 AM
I don't know which $3,500 exemption you are referring to. Can you say more about it?
Answered on Jan 31st, 2013 at 8:55 PM
You should contact an attorney who specializes in estates immediately for appropriate information.
Answered on Jan 31st, 2013 at 10:54 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If your mother did not solely own assets, in her name, not the name of her trust, of at least $30,000 you do not need to open an estate. If the life insurance had a beneficiary that is not probate property. You can pay expenses of the estate, funeral, out of any assets just in her name, however, most funeral directors have a family member sign as responsible.
Answered on Jan 31st, 2013 at 10:53 AM
Estate Planning Attorney serving Marquette, MI
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The Wideman Law Center, P.C.
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The exemption only applies to those assets which go through Probate. In general, if there is a Trust, the Trust instructions cover the assets in the Trust. The will that goes with a Trust usually names the Trust as the beneficiary of the will. You need to consult with an attorney on these questions.
Answered on Jan 31st, 2013 at 10:53 AM