Washington Estates, Inheritance Law & Probate Funding
May 25, 2019
Getting a Secure Inheritance Advance, usually within 72 Hrs if you’re an Heir or Beneficiary of an Estate in Connecticut in Probate or Trust
June 28, 2019

Get a Probate Advance in Alaska, usually in 72 Hrs if you’re an Heir or Beneficiary of an Estate in Probate or Trust

Advance on Inheritance: Inheritance Advances & Probate Advances for Heirs in Alaska versus “Inheritance Loans” and “Probate Loans”

If you’re expecting an inheritance valued at $15,000 or more, and are an heir to an estate based in Alaska, in trust or probate – and are looking for inheritance funding within a few days, you should probably be familiar with My Inheritance Cash and the proprietary inheritance funding or probate advance options offered by this inheritance funding company… the firm’s probate advance rates, also called inheritance loan fees.

The interesting disconnect, although less of a problem than many people think, is the fact that these cash advances are cash advance assignments, not interest bearing loans requiring credit reports or credit scores, or monthly payments – these inheritance cash advance transactions are repaid in one lump sum payment, once probate closes. So ultimately it’s cheaper and easier to manage than traditional credit union or personal bank loans.

"Whatever the terminology is, the result is still the same, as far as inheritance cash advance companies are concerned – regarding standard inheritance advance funding for heirs.

Advance on Inheritance versus Inheritance Loans – based in Alaska

Heirs of estates in Alaska tend to go to established, very visible inheritance cash advance companies to get an advance on inheritance. Even though it is inheritance advance funding (cash advance assignments), and not interest bearing loans requiring a credit report or credit score, heirs often call inheritance funding or probate advances “estate loans”, “probate loans” or “inheritance loans”… mainly because everyone else calls it that. Heirs also call the process, “borrowing against inheritance”, or getting a “loan on inheritance”. Many heirs run with a 48 hour estate advance, or 72 hour probate cash advance; which is what most beneficiaries and heirs see as the most efficient form of rapid inheritance advance funding – which at the same time heirs always want to combine with low pricing… low probate advance rated or, as heirs call it, low inheritance loan fees.

How Can You Get an Inheritance Advance from an estate in Alaska?

As long as you have a competent, reliable inheritance funding company on the ball for you – at least the best inheritance advance company you can find that approves you, and that you feel comfortable working with… for example www.MyInheritanceCash.com – you should be able to get your probate advance, or inheritance advance, in just a few days, the same turnaround you get from most inheritance advance funding. With no interest, no up-front fees or hidden charges; and with no monthly payments; no credit report and no credit score.

How Do You Get Approval Quickly For a Probate Advance, Which Heirs Frequently Refer to as “Inheritance Loans” or “Probate Loans”?

My Inheritance Cash provides inheritance cash advance assignments to heirs of estates in Alaska, in probate or trust, on a fast turnaround schedule – however there are certain requirements you need to produce in a timely fashion… such as a valid Photo ID, documentation proving you are a valid heir of an active estate; proof of inheritance assets – property, liquid assets such as cash or investment assets; a formal request for a certain amount of advance inheritance money; and of course you must sign off on an Agreement with the inheritance funding company you have chosen to fund your advance on inheritance or inheritance cash advance… Unless you wish to go with the flow and call it an inheritance loan, probate loan, trust fund loan, estate loan or whatever term you favor. You also must be at least 18 years old, with an inheritance of $15,000 or more.

Which Washington Counties Allow Heirs to Get Inheritance Advances?

Alaska permits inheritance funding, inheritance cash advances, in all 39 counties in Alaska.

Inheritance Advance or Cash Advance Assignments vs. “Inheritance Loans”, “Probate Loans” & “Borrowing Against Inheritance from Inheritance Lenders” as Many Heirs Refer to it?

Even though a lot of trust beneficiaries and heirs of estates in probate describe these transactions as “borrowing against inheritance” or getting a “loan on inheritance”, “advanced loan inheritance”, “inheritance loan advances” or “inheritance advance loans” from an inheritance loan company… Inheritance cash advance assignments in Alaska are not interest based loans, they’re only cash advance assignments, so there is absolutely no danger of “recourse for non-payment”. Nothing is based on credit, or interest. No one pays it back from personal assets… it’s strictly paid back from the estate alone. And this is a major difference. Heirs getting advance inheritance money from inheritance cash advance funding companies are never personally responsible for repayment of any kind at all.

Inheritance Law in Alaska

If someone you love has recently died, and you've been named as a beneficiary in a will or a trust, or if you are an heir of someone who died without a Will or a trust, or if you've been named as an executor of a will or trustee of a living trust, you can use this site to find out what you'll need to do to inherit or settle an estate or trust.

Here are three things to keep in mind before you get started:

1. Many estates can avoid probate altogether, either because they're small enough to fall under a state's small estates limit, because the assets were held in a living trust, or because the assets will go to named beneficiaries because they are held as joint tenancy accounts, or in retirement or life insurance.

2. You have to pay creditors and taxes before you can inherit assets. You always have to pay taxes before any other creditors can get paid. Debts that are secured by property, like mortgages, are called secured debts, because if someone doesn't pay the loan, the lender can take the property. If you inherit a house, you also inherit the mortgage. Unsecured debts, like credit cards, don't work that way -- as a beneficiary you are not responsible for that debt, but the estate needs to pay all known creditors before distributing property to beneficiaries and heirs. Otherwise, a creditor can come calling to get paid back from estate assets, even after they've been distributed.

3. Most estates do not need to file an estate tax return. Unless an estate is worth more than $5 million dollars (plus an additional amount indexed to inflation each year, currently $11,400,000, it will not need to file an estate tax return.

Probate in Alaska

Probate is the official way that an estate gets settled under the supervision of the court. A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person's Will. Once appointed, this person, called an executor or Personal Representative, has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries.

The purpose of probate is to prevent fraud after someone's death. Imagine everyone stealing the castle after the Lord dies. It's a way to freeze the estate until a judge determines that the Will is valid, that all the relevant people have been notified, that all the property in the estate has been identified and appraised,  that the creditors have been paid and that all the taxes have been paid. Once all of that's been done, the court issues an Order distributing the property and the estate is closed. Not all estates have to go through probate.

If an estate is small enough it is considered a "small estate" and doesn't require court supervision to be settled. Also, not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required.  The most common kinds of assets that pass without probate are:

  1. Joint Tenancy assets: when one joint tenant dies, the surviving joint tenant becomes the owner of the entire asset, without the need for a court order. This is called "right of survivorship."  For example, if a house is owned this way, "Jane Sage and John Sage, as joint tenants," and Jane dies, John owns the entire house.
  2. Tenancy by the Entirety or Community Property With Right of Survivorship: these are forms of property ownership that function like joint tenancy, in that the survivor owns the entire property at the death of the other tenant, but are only available to married couples.
  3. Beneficiary Designations: retirement accounts and life insurance policies have named beneficiaries. Upon the death of the account or policy owner, these beneficiaries are entitled to the assets in the account or the proceeds of the policy.
  4. Payable on Death Accounts/Transfer on Death Accounts: bank and brokerage accounts can have designated beneficiaries, too. The account owner can fill out forms to designate who should receive the account assets after their death.

Moreover, if a decedent had created a living trust to hold large assets, that estate will not go through probate, unless the assets left outside of the trust add up to more than Alaska's small estate limit. That, in fact, is why living trusts were created in the first place, to avoid probate. However, estates in Alaska that exceed the small estate's threshold, and for which there is either no will, or a will (but not a living trust), probate will be required before an estate can be transferred to the decedent's heirs or beneficiaries.

Informal Probate in Alaska

Probate in Alaska is typically informal probate. You can use it when the heirs and beneficiaries are getting along, there are no creditor problems to resolve and you don't expect any trouble. The process begins when you file an application with the probate court to serve as the "personal representative" or executor of the estate. Once your application is approved, you have legal authority to act for the estate. Usually you'll get "Letters Testamentary" from the court.

Once you get the letters, you must:

  1. Send out formal notice to heirs, beneficiaries, and creditors that you know of
  2. Publish a notice in a local newspaper to alert other creditors
  3. Provide proof that you've mailed notices and published the notice
  4. Prepare an inventory and appraisal of the estate's assets
  5. Keep all the property safe
  6. Distribute the property (when the estate closes)

Once the property's been distributed, you close an informal proceeding by filing a "final accounting" with the court and a "closing statement" that says you've paid all the debts and taxes, distributed the property, and filed the accounting.

Unsupervised Formal Probate in Alaska

A formal probate, even an unsupervised one, is a court proceeding.  That means that a judge must approve certain actions taken by the Personal Representative, such as selling estate property, or distributing assets, or paying an attorney.  The purpose of involving a judge is to settle disputes between beneficiaries over the distribution of assets, the meaning of a will, or the amounts due to certain creditors. The informal probate process won't work if there are disputes, so that's when the court gets involved.

Supervised Formal Probate in Alaska

A supervised formal probate is one in which the court steps in to supervise the entire probate process. The court must approve the distribution of all property in such a proceeding.

What Taxes Must Be Filed in Alaska After Death?

There are three main federal tax returns that you'll need to consider filing in the year after someone has died, but it's unusual to file all three. In addition, you'll have to file an individual state income tax return for the decedent, and, in some states, a state estate or trust income tax return, or a state inheritance or estate tax return.

The person who files the return is called the Personal Representative. If there's a probate, that's the executor. If there's no official executor, the person who has taken responsibility for distributing the person's property will be in charge of paying the taxes.  If there's a trust, and that's where the assets are, this is the Trustee. Basically, the IRS will deal with the person responsible for distributing the decedent's property, however that's going to happen.

Taxes are to be paid with the decedent's money. Heirs and beneficiaries are not responsible for paying the deceased person's taxes (except for the surviving spouse, who is responsible for those taxes).  Taxes also get paid first from an estate or trust, so no one else is entitled to receive anything unless those taxes have been paid. The Personal Representative can be held personally liable for the tax bill, up to the amount that's been distributed to other creditors or beneficiaries! So, take your time and don't distribute anything until you're sure that there's enough left in the estate to cover the expected taxes due.

Final Individual Federal and State Income Tax Returns will be due by April 15th of the year following a person's death, provided the person earned at least the minimum amount of income set by federal and state law in that calendar year. If someone dies mid-year (as is almost always the case), an individual return will be due for the period from January 1 to the date of death. If a person was married at death, their spouse can still file a joint return for the year of death. You will use a form 1040 for this federal return, and Alaska's state income tax form for the Alaska income tax return.

Federal Estate or Trust Income Tax Returns will also be due by April 15th of the year following a death (or 4 months after the 12 months following the date of death for an estate) if a trust or estate receives more than $600 in annual gross income. Examples of income that a trust or estate could receive are things like rents, royalties, and interest income from savings accounts or bonds. You use a form 1041 for this return.

For example, if Steven's assets were held in a living trust, the Trustee of that trust would have received a tax identification number for the trust. The Trustee would then file a trust tax return for the period from May 13 to December 31 of the year after Steven died because the trust received more than $600 in gross income. If the trust did not distribute all of the assets by December 31 of that year, another trust income tax return would be due by April 15th of the following year (and every year until the trust's assets were completely distributed).

State Income Tax returns for an individual are also due by April 15th. State income tax returns

Federal Estate Tax Returns will be due nine months after a person's date of death, and there's an automatic six month extension available (but you have to request it by that nine for estates and trusts are set by state law). Very few estates need to file this return, currently the estates under $11,400,000 million (indexed every year for inflation) don't need to file a return, unless a surviving spouse wants to make use of their deceased spouse's unused exemption amount.

Heirs must be aware that State estate and inheritance tax is due in certain states, and this is always subject to change…

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