Legal Question in Tax Law in Illinois

Re: tax on money : for surviving spuose

I am sorry to hear about your wife.

Generally speaking, no, you will not have to pay taxes on the money. There is no tax levied on an inheritance.

The bigger issue becomes whether A) you were a joint tenant on the account and B) whether the estate has been probated. These issues will speak to your ability to get the money out of the account. If you are a joint tenant (Eg, listed on) the account, there is no problem - the account escapes probate. If you are not on the account, the bank will likely not be wiling to allow you to draw on the account without letters of office from the court or a valid small estate affidavir - should you be the executor of the estate.

Please feel free to contact me directly for more insight. My email is: [email protected]