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.

In Other News...

Owensboro Board of Commissioners Commission Meeting Cancelled

OWENSBORO, Ky. (9/29/14) — The Owensboro Board of Commissioners Meeting scheduled for Tuesday, Oct. 7, 2014 has been… Read More

Semi Trailer Accident

OWENSBORO, Ky. (9/29/14) — Deputies with the Daviess County Sheriff's Office responded to an accident with injuries in… Read More

Most Read This Week (Site-Wide)

September 26, 2014 5735

Super Walmart Headed to Hanson, Fate of…

in Top Stories by Amber Averitt, SurfKY News
September 27, 2014 3615

Hopkins County Grand Jury Misdemeanor Indictments

in News by Karen McKnight
September 26, 2014 3239

Drug Sting Results in Meth Trafficking Charge

in Top Stories by Madisonville Police Department
September 29, 2014 3203

Endless Road Strings Bring Orchestra Mix to…

in Top Stories by Paul McRee, SurfKY News
September 27, 2014 2491

Sinister on Center Takes Haunted Manor to Whole…

in Top Stories by Charles W. Riley II, SurfKY News
September 26, 2014 2459

Muhlenberg Job Corps Recognizes Employee of the…

in Top Stories by Karen Robinson
September 26, 2014 2390

UPDATE: Semi Trucks Crash, Block Northbound Lane…

in Top Stories by Keith Todd
September 26, 2014 2346

Muhlenberg 911 Service Recipient of $32,500 Grant

in Top Stories by Rebecca Hanchett
September 26, 2014 2310

Madisonville Police Department Arrest Reports -…

in News by Madisonville Police Department
September 25, 2014 2205

Shoplifting Complaint Leads to Resisting Arrest,…

in Top Stories by Information provided by MPD
September 29, 2014 2136

One Injured in Single-Vehicle Collision on…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Hopkins County

September 26, 2014 3239

Drug Sting Results in Meth Trafficking…

in Top Stories by Madisonville Police Department
September 25, 2014 2205

Shoplifting Complaint Leads to Resisting…

in Top Stories by Information provided by MPD
September 29, 2014 2136

One Injured in Single-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 29, 2014 2119

Man, Woman Charged with Violating EPO…

in Top Stories by Madisonville Police Department
September 29, 2014 1930

Man Charged with PI, Drugs, After…

in Top Stories by Madisonville Police Department

Most Read Stories from Muhlenberg County

September 29, 2014 3203

Endless Road Strings Bring Orchestra Mix…

in Top Stories by Paul McRee, SurfKY News
September 26, 2014 2459

Muhlenberg Job Corps Recognizes Employee…

in Top Stories by Karen Robinson
September 26, 2014 2346

Muhlenberg 911 Service Recipient of…

in Top Stories by Rebecca Hanchett
September 28, 2014 1866

Community Shows Support to Muhlenberg…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 1646

Marching Mustangs Take Third in Ohio…

in Top Stories by Information provided by Shawna Hendrix

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)


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