Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Dave Says – Jan. 26, 2014

dave says2 300KENTUCKY (1/26/14) – This week Dave discusses "paying the IRS first" and "checking on the checking account."

Dear Dave,

My husband has his own business installing windows. As a result, we now have IRS and state tax debt. We’re managing the payments, but where should these debts be placed in the debt snowball plan?

Olivia

Dear Olivia,

I don’t usually cheat on the smallest to largest progression of the debt snowball, but I’d recommend moving these debts to the top of the list.
Both state and federal taxes come with ridiculous penalties and interest rates, and the authorities at either level have virtually unlimited power at their disposal to screw with your life if something bad happens. The IRS can actually take your money without suing you. So, you don’t want to become a blip on their radar screen by being late with payments.
Get it cleaned up as quickly as possible, Olivia. You don’t want to mess around with these guys!

—Dave

Dear Dave,

My husband died eight years ago, and I never closed his bank accounts that were opened when we lived in another state. We lived in Florida before moving to Oregon. I didn’t probate the estate, and he did not have a will. I’m trying to work with the banks to get this settled, but they’re giving me the runaround. Do you have any advice?

Melinda

Dear Melinda,

The first thing you need to do is contact an attorney who handles estate planning. If the accounts were opened in Florida, but you both lived in Oregon at the time of his death, technically the estate would be probated in Oregon. That may be what has to happen. If so, a judge would appoint you as executor. As executor, you can close the accounts and disperse any money to the rightful heir—which is you.

Be prepared, though. It may take somewhere between $250 and $500 in attorney fees and court costs to make this happen. If you’re lucky, you might get a simple motion from the court that would cost you next to nothing. But find a good estate planning attorney who knows Oregon law inside and out. Estate laws and probate laws differ from state to state, and Florida and Oregon both have some weird laws in these areas.

This probably seems like a lot of trouble, but you have to remember the banks are simply trying to protect themselves and follow the law. Anyone could walk in with a death certificate (they’re public record), and claim to be an heir. So, they have to have a court document in order to avoid any potential liability.

I’m sorry for your loss, Melinda. I know it still hurts after all this time, but you need to address this as soon as possible. I’m sure it’s what your husband would have wanted.

—Dave

Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessari-ly adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

3/13 - 16
3/13 - 16
button coupons

Stock Report

1 DOW 17,804.80
+26.65 (0.15%)    
2 S&P 2,070.65
+9.42 (0.46%)    
3 NASDAQ 4,765.38
0.00 (0.00%)    
3/13 - 16
3/13 - 16
button classifieds

In Other News...

Land Between the Lakes Upcoming Programs and Events

KENTUCKY (12/20/14) — The following are the upcoming programs and events at Land Between the Lakes: Dec. 17 - 23 Daily… Read More

Ross Named Perioperative Employee of the Quarter at MCCH

CALLOWAY COUNTY, Ky. (12/20/14) — Dianna Ross, RN has been selected as Perioperative Employee of the Quarter at… Read More
3/13 - 16

Most Read This Week

December 16, 2014 10328

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 14, 2014 8960

Muhlenberg Pays Homage to U.S. Armed Forces

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 17, 2014 7274

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 6656

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 15, 2014 4998

Hopkins County Woman Charged Second Time in Two…

in Local (Hopkins) Top News by Charles W. Riley II, SurfKY News
December 15, 2014 4426

Woman Leads Police on High-Speed Chase in Stolen…

in Local (Hopkins) Top News by Madisonville Police
December 18, 2014 3966

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 19, 2014 3870

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 3623

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 16, 2014 3597

Highway Crews Pre-Treating Roadways for Potential…

in Hopkins News by Keith Todd

Stories Trending Today

December 19, 2014 3870

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 19, 2014 3623

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 19, 2014 3547

Woman Flown to St. Mary's after Two-Car Collision

in Local (Hopkins) Top News by Trooper Stu Recke
December 19, 2014 3045

Vehicle Explodes into Flames on Pride Avenue

in Local (Hopkins) Top News by Gwen Smith
December 19, 2014 2771

Vehicle Fire Causes Traffic Back-Up on Pennyrile

in Local (Hopkins) Top News by Doreen Dennis
December 19, 2014 1598

Muhlenberg District Court Fines Handed Down

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
December 19, 2014 1454

Madisonville Police Arrest Reports - Dec. 19, 2014

in Hopkins News by Madisonville Police Department
December 19, 2014 1317

Hopkins County Sheriff's Reports Released

in Hopkins News by Sheila Hopper
December 19, 2014 1198

KSP Post 2 Trooper Honored for DUI Enforcement…

in Top News For All Sites Touching Hopkins by Trooper S. C. Recke
December 19, 2014 1051

Pennyrile Narcotics Task Force Obtains Multiple…

in Local (Hopkinsville) Top News by Lori Blakeley

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss