If my mother recently passed away and left all of her assets in a trust including her home, which we sold, are there any tax implications to her children?

Asked on September 25, 2013 under Estate Planning, Wisconsin

Answers:

Anne Brady / Law Office of Anne Brady

Answered 7 years ago | Contributor

There are tax implications only if your mother's estate totaled more than $5,250,000.  The estate tax exemption has now been permanently set at $5,000,000, adjusted for inflation.  This year it is $5,250,000, up from $5,120,000 last year.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.