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Old 07-09-2006, 01:40 AM
Sandy
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Default Re: Estate taxes in North Carolina

Thank you all very much for your answer.
It was very helpful.

Sandi>
<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #1  
Old 07-06-2006, 04:50 AM
A.G. Kalman
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Default Re: Estate taxes in North Carolina

Sandy wrote:

- quote -

> My daughter got married 6 months ago. She had a town house
> in her own name which she just sold and now she moved into
> her husband's house into which she put in about $40,000.00
> remodeling money. It is still in her husband's name only.
> She is under the impression that North Carolina is a
> community property state (which it is not).
> My question is, if anything happens to her husband and the
> house is in his name only, does it automatically pass on to
> her? There is no official will either.


Your question has nothing to do with taxes but rather with
probate in NC. The link below at the CCH Toolkit explains
intestate law in NC. Basically, the surviving spouse only
gets 100% if the decedent has no lineal descendants (child
or descendant of a child) and no surviving parent. If such
individuals exist, the surviving spouse will get either 50%
or 33.3% of real property depending on the mix of the above.
The link also explains how personal property is distributed.

The information at the link is not a substitute for
professional advice on this subject. As your daughter has
made an investment in the property, the couple should get
their property titled properly and they should both get
their estates in order.
http://www.finance.cch.com/pops/c50s10d190_NC.asp

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << If you want a professional tax opinion, you are advised > << to contact a Certified Public Accountant, an Enrolled > << Agent, or a Tax Attorney. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 
Old 07-06-2006, 04:50 AM
Paul Thomas
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Default Re: Estate taxes in North Carolina

"Sandy" <delivron[at]aol.com> wrote

- quote -

> My daughter got married 6 months ago. She had a town house
> in her own name which she just sold and now she moved into
> her husband's house into which she put in about $40,000.00
> remodeling money. It is still in her husband's name only.
> She is under the impression that North Carolina is a
> community property state (which it is not).
> My question is, if anything happens to her husband and the
> house is in his name only, does it automatically pass on to
> her? There is no official will either.


It's more of a legal question about the legal order of
estate assets intestate (without a will). Generally, they
move to the spouse, then to children, then up to parents,
and out to siblings. State law may vary somewhat, so check
in a legal newsgroup, or with an attorney familiar with NC
estate laws.

--
Paul A. Thomas, CPA
Athens, Georgia

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << If you want a professional tax opinion, you are advised > << to contact a Certified Public Accountant, an Enrolled > << Agent, or a Tax Attorney. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 07-05-2006, 09:59 PM
Sandy
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Posts: n/a
Default Estate taxes in North Carolina

My daughter got married 6 months ago. She had a town house
in her own name which she just sold and now she moved into
her husband's house into which she put in about $40,000.00
remodeling money. It is still in her husband's name only.
She is under the impression that North Carolina is a
community property state (which it is not).

My question is, if anything happens to her husband and the
house is in his name only, does it automatically pass on to
her? There is no official will either.

Thank you for any information you can provide.

Sandy

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

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