Liquidating real estate assets

25-Aug-2020 23:13

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If there are insufficient funds to pay all creditors (INSOLVENCY), preferential creditors are paid first (for example, the INLAND REVENUE for tax due), then ordinary creditors pro rata.

If there is a surplus after payment of all creditors, this is distributed pro rata amongst the shareholders of the company. Corporate changes: the property/casualty industry continued to consolidate, as state regulators kept a close watch on companies' viability and mergers and acquisitions maintained a healthy pace in 2001.

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The trustee manages the use and finances of the real estate.

The beneficiary is the person who will benefit from the trust assets upon your demise.

Although some states have sped up the process, probate can take months for proceedings, preventing your heirs from receiving anything of value quickly from your will.

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The proceeds of the sale are used to discharge any outstanding liabilities to the creditors of the company.

Check with your state laws to learn if this defers estate taxes under "marital exemption" regulations.

Placing real estate in a trust does not eliminate your need for a will, because you will have other assets not included in the trust.

A will can use all-encompassing language to give all your remaining property, in addition to real estate, to your heirs.

Unlike the trust, which forces you to identify specific assets, you can write an all-inclusive will and put it aside, knowing you've included all other personal or real property in your legal wishes after death.

However, consider some issues first to learn if a trust is best for you. There must be a grantor, a trustee and a beneficiary.