If my brother and I are equal beneficiaries of my mother’s estate, will we need to pay federal tax on properties and money that we inherit?
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If my brother and I are equal beneficiaries of my mother’s estate, will we need to pay federal tax on properties and money that we inherit?
The estate is in 2 different states..
Asked on June 27, 2015 under Estate Planning, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
I am so sorry for your loss. First, you need to file an ancillary proceeding in the state that Mom was not considered a legal resident to probate there. Second, the Federal Estate Tax for 2015 is $5.43 million dollars meanong that taxes are only filed Federally when the estate rises above that. And the Estate pays the tax, not the individual beneficiaries. Good luck.
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