The interest earned on the CD is taxable to you in the state of Colorado. One way to avoid that is to withdraw the money from the certificate of deposit before any interest is earned. This may be subject to an early withdrawal penalty, check to see if the bank will waive the penalty since this is a payable on death account.
Just for being named beneficiary...no. If your receiving the CD or income from it after the passing of the owner, normally it is taxed as part of his estate, although other possibilities exist too.
Sure. The beneficiary will be responsible for any taxes due on pension payments.
Beneficiary.
No No
Yes. The CD has been left to you in the will.
Generally, no
Generally, when the named beneficiary is deceased and there is no contingent beneficiary named then the account will revert to the estate of the owner and pass as intestate property unless there was a will with a residuary clause.
taxes are paid upon withdrawal at a later rate
It is up to the executor of the will to keep taxes, insurance etc. current.
That depends on the laws of the country in which you live.
That is the beauty of life insurance~! With a properly named beneficiary there are no taxes and it avoids probate!
With a properly named beneficiary there are no federal taxes on life insurance. What exactly are you asking in your question?
Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.Yes. If the CD is the sole property of the decedent with no beneficiary listed the estate must be reopened with a newly appointed estate representative to collect and distribute the remaining property.