Legal Question in Wills and Trusts in California

Inheritance

Dad died 7/26/04. 4 adult children. No will. Left a car, $3500.00, a trailer $25,000.00, Pension $9504.00, savings $30,000.00,checking $18,000.00. All in agreement to equal division of estate. Brother is in charge. Estate under $100,000.00. 3 sisters on disability, do they have to pay any Fed/State taxis on their portion of monies??

Sisters know about reporting money to Social Security...


Asked on 8/17/04, 8:30 am

2 Answers from Attorneys
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: Inheritance

There is likely no estate or inheritance tax, but there may be income tax payable by the beneficiaries on the pension money they receive. Also, if the other assets had any income after his death, there may be income tax owed on that as well.

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Answered on 8/17/04, 12:40 pm
Scott Linden Scott H. Linden, Esq.

Re: Inheritance

We have help for small estates on the front page of our firm's web site. Please review www.No-Probate.com for rules and forms.

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Answered on 8/17/04, 1:52 pm


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