Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

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.

Faces & Stories: The People of Land Between the Lakes

button coupons
button classifieds

In Other News...

Hopkins County Health Department Food Scores Thru Nov. 19, 2014

HOPKINS COUNTY, Ky. (11/21/14) — The following is your update on local restaurant inspections for the Hopkins County… Read More

Evansville Man Charged with Forged Prescription in Madisonville

MADISONVILLE, Ky. (11/20/14) ― An Evansville man is accused of stealing a prescription slip, forging it and coming to… Read More

Most Read This Week

November 18, 2014 4868

Couple Charged for Concealing Food in Infant Car…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 4434

Police Charge Woman for Drug Possession After…

in Local (Hopkins) Top News by Madisonville Police Department
November 15, 2014 3178

Faces & Stories: Hopkins County Tornado

in Video by Gary Gates, SurfKY News
November 17, 2014 2919

Bremen Woman Ejected From Vehicle During Kentucky…

in Local (Muhlenberg) Top News by Trooper S.C. Recke
November 19, 2014 2891

Three Injured in Two-Vehicle Collision on South…

in Local (Hopkins) Top News by Gwen Smith
November 15, 2014 2846

18-Year-Old Injured When Pickup Strikes Railroad…

in Local (Hopkins) Top News by Patrolman Falon Graham
November 19, 2014 2632

Two Killed When Vehicle Becomes Airborne, Strikes…

in Local (Owensboro) Top News by Daviess County Sheriff's Office
November 15, 2014 2617

PSC Approves Energy Efficiency Programs for…

in General News For All Sites by Rita Dukes Smith, SurfKY News Director
November 18, 2014 2197

Area Talent to Film Music Video at Merle Travis…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 15, 2014 2168

Two Injured in Two-Car Collision at East Center,…

in Local (Hopkins) Top News by Patrolman Russell Nichols

Stories Trending Today

November 20, 2014 1628

Man on Bicycle Struck by Vehicle on South Main

in Local (Hopkins) Top News by Officer Jeff Miller
November 20, 2014 1284

Local Church Prepares for 'Return to Bethlehem'

in Top News For All Sites Touching Hopkins by Gary Gates, SurfKY News
November 20, 2014 1218

Commercial Truck Accident Closes Northbound Lanes…

in Local (Hopkins) Top News by Chris Rogers
November 20, 2014 1205

Man Accused of Kicking in Resident's Door,…

in Local (Hopkins) Top News by Patrolman Russell Nichols
November 20, 2014 1199

Madisonville Police Arrest Reports - Nov. 20, 2014

in Hopkins News by Madisonville Police Department
November 20, 2014 1006

Christmas Parades Set for Central City and…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 20, 2014 962

Muhlenberg County Educator Selected for Induction…

in Local (Muhlenberg) Top News by WKU News
November 20, 2014 834

Tips for One-Income Families

in General News For All Sites by SurfKY News
November 20, 2014 829

Evansville Man Charged with Forged Prescription…

in Local (Hopkins) Top News by Patrolman Russell Nichols
November 19, 2014 690

TVA Supports 'Girls in Engineering and…

in Local (Hopkins) Top News by Joyce Riggs

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