Legal Question in Wills and Trusts in Connecticut
My father passed away 3 years ago and had no will. He had a house and property in Connecticut. My step mother and I are entitled to half of the esate each. Now, the case is still in probate and should be settled within the next few weeks. She is going to be buying my half from me. Now, my question is, when I get this money, say roughly $75,000, am I going to have to pay tax on this in Connecticut? Would it be like an inheritance tax or income tax? Someone told me they can tax me up to 40%!!! I'm freaking out and I'd really like to know the answer. Thank you!
Asked on 3/28/11, 10:27 am
1 Answer from Attorneys
John Heffernan
Heffernan Legal Group, LLP
No tax. If there was an estate tax, it would be paid by the estate, not you. No income tax, either. Spend it to your heart's content.
Answered on 3/28/11, 12:24 pm
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