Legal Question in Wills and Trusts in California
Inheritance tax
I have 6 siblings. My parents passed away and now we have to sell the house and deal with a checking and savings account. Am I going to be taxed on all this? I stand to make about $50,000 if all goes the way people are saying. The house was mentioned in the will that it would be sold and split the 7 ways after expenses. The checking and savings account was not. There will was pretty general and not real detailed, other than the house being sold. I assume the house would be considered a trust but not the checking and savings account.
3 Answers from Attorneys
Re: Inheritance tax
Show the will to a probate attorney. Most likely, the will governs the distribution of all of the assets. Taxes, if any, are usually paid by the estate although from what you described, it sounds unlikely that there will be any owed. I'm not sure what you mean by "a trust" but if you find a probate attorney, he or she can help you with these matters.
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Re: Inheritance tax
If there is no "Trust Document" where your parents set up a trust, or if there is not a "Testamentary Trust" in the will itself, then there would probably not be a trust for the house. But until looking at the documents, it is not clear. From what you describe, it appears the will of your parents will control what happens to their money, this is of course taking into account which parent died first and if their wills said the same thing. You need to have a probate attorney take a look at the will and any other documents to give you a full answer.
If I can be of any help in this, please feel free to contact my office.
Re: Inheritance tax
The answers depend on the will and whether there was a trust as well and if so, whether the house or other assets were titled in the trust name. You should see an attorney experienced in probate and trust matters to review the documents and asset titling to give you a better idea of what should happen with your parents' estate.
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