U.S. savings bonds were once so popular — and so often tucked away — that an estimated $25 billion in matured savings bonds have never been claimed. These bonds have been caught in a prolonged legal battle between the federal government and states that want to take control of the bonds on behalf of their residents.1 Continue reading “Where to Look for Lost Property”
Paying income tax on most retirement distributions
When you die, you leave behind your estate. Your estate consists of your assets — all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death. The proceedings take place in the state where you were living at the time of your death. Owning property in more than one state can result in multiple probate proceedings. This is known as ancillary probate.
How does probate start?
