Dad pasted left property and money for us four brothers total of under 175000 what inheritance will we be expectied to pay
I've already tried...
were closing on property march the 2nd 150k plus cash in trust account less than 175k we dont know anything about inheritance taxes what should we do all four of us work hard to make ends meet please help
Answers
About the Expert
I graduated from the University of Massachusetts in 1992, and obtained my law degree, (J.D.), from Franklin Pierce Law Center in Concord, New Hampshire in 1996. In the past, I have maintained a solo law practice and have also been an associate in other law practices. What my office, Nakata Consulting, LLC, provides is professional planning and counseling services and federal, state, and local tax planning and preparation. Most importantly, we do this at affordable prices, all by offering solutions, and implementing strategies to help seniors and their families’ problem solve. When not planning or preparing income taxes, my office works to match seniors and their families up with providers in the elder service industry. We can assist seniors and their families with estate and elder planning (preparation of short term and long term benefits application(s), health care and durable power(s) of attorney (advanced directives), wills, trusts). We can locate and work directly with companion, home health agencies and geriatric care managers. We provide financial counseling, property management and book keeping services, and work with financial planning service providers to assist individuals with the management of their assets. Most importantly we do this at affordable prices, all by offering solutions, and implementing strategies to help seniors and their families’ problem solve. With the client base I work with, I am called upon often to find other local small business people to help service the needs of those I work with, and I would welcome the opportunity to learn more about other small businesses, and see if there is a way that we can help each other. I have a growing network of service providers and small business people I work with, and often I find I can find solutions for folks by matching businesses up with other business folk, to everyone’s benefit. To that end, we also assist small businesses with choosing what type or business entity to form, and registration of and organization of their business. We can work with small business owners to create growth development ideas, by helping them find service providers to support them with start up and growth decisions, including but not limited to software, equipment, web site development and marketing. View Profile
You question is less an income tax question and more an estate tax question. Dependent on what year Dad passed, and what the value of the remaining assets of his estate were upon death there may be no estate tax liability for you on the federal level. Dependent on what state Dad lived in when he passed, you may have a state estate tax, but you would need to check the rules(law) in your state.
If you can provide me with more information on what assets were in Dad's name when he died and what state Dad passed in I may be able to provide you with a more detailed reply.
Fel free to call me if you fell it could be more beneficial.
Please login or register to rate this answer!