Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | 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.

Posted on 2/2/14
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

Stock Report

1 DOW 16,979.13
+59.54 (0.35%)    
2 S&P 1,986.51
+4.91 (0.25%)    
3 NASDAQ 4,526.48
-1.03 (-0.02%)    
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

In Other News...

HCC Foundation Names Atwood Textbook Scholarship Recipients

HOPKINSVILLE, Ky. (8/19/14) — The Hopkinsville Community College Foundation, Inc. has selected 31 Hopkinsville… Read More

Free Arthritis Exercise Program will be Offered at Senior Center

OWENSBORO, Ky. (8/19/14) — GRADD is partnering with the Arthritis Foundation to present a free exercise program, 'Walk… Read More
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
2/6/2014 - posted

Most Read This Week (Site-Wide)

August 17, 2014 3590

Greenville Police Conducting Traffic…

in Top Stories by Wes Miller
August 16, 2014 3543

Pogue's Automotive Annual Picnic Brings…

in Top Stories by Charles W. Riley II, SurfKY News
August 18, 2014 3180

Man Injured in Early Morning WKP Accident

in Top Stories by Rita Dukes Smith, SurfKY News Director
August 18, 2014 2861

Owensboro Board of Commissioners…

in News by Beth Cecil
August 18, 2014 2736

Unlawful Solicitation

in News by Sgt. J.D. Winkler

Most Read Stories from Hopkins County

August 18, 2014 2503

Madisonville Man Charged for Shoplifting,…

in Top Stories by Madisonville Police Department
August 20, 2014 2379

Park Avenue Trespass Call Leads to…

in Top Stories by Madisonville Police Department
August 16, 2014 1429

Non-Partisan Offices Deadline Passes -…

in Top Stories by Keenan Ratliff
August 18, 2014 1287

Madisonville Firefighters Recognized for…

in Top Stories by Rita Dukes Smith, SurfKY News Director
August 16, 2014 1253

Madisonville Police Conducting Sobriety…

in Top Stories by Lt. Charles Young II

Most Read Stories from Owensboro

August 18, 2014 2861

Owensboro Board of Commissioners…

in News by Beth Cecil
August 18, 2014 2736

Unlawful Solicitation

in News by Sgt. J.D. Winkler
August 18, 2014 2661

RiverArtes Opening at OMFA

in News by Owensboro Museum of Fine Art
August 19, 2014 2083

Free Arthritis Exercise Program will be…

in News by Woody Maglinger
August 19, 2014 1831

Municipal Art Collection on Exhibit at…

in News by Mary Bryan Hood

Most Read Stories from Muhlenberg County

August 17, 2014 3590

Greenville Police Conducting Traffic…

in Top Stories by Wes Miller
August 16, 2014 3543

Pogue's Automotive Annual Picnic Brings…

in Top Stories by Charles W. Riley II, SurfKY News
August 18, 2014 3180

Man Injured in Early Morning WKP Accident

in Top Stories by Rita Dukes Smith, SurfKY News Director
August 18, 2014 2456

Luke's Flea Market Vendors' Home Away…

in Top Stories by Charles W. Riley II, SurfKY News
August 18, 2014 2356

'How Dry I Was'

in Top Stories by Rita Dukes Smith, SurfKY News Director

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


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

social 03social 04social 22social 21social 06