Legal Question in Wills and Trusts in Illinois
My daughter will be receiving a $27,000 inheritance shortly. Will this be taxable?
Asked on 4/13/11, 7:33 pm
1 Answer from Attorneys
Steve Raminiak
Law Offices of Steve Raminiak, P.C.
Probably not. However, if estate taxes are due, her $27,000 may be reduced by a percentage attributable to estate taxes. Also, if the inheritance originates from a fund that did not initially incur income tax (e.g. a retirement plan), income tax might be due.
However, it's much more likely that no tax is due. Check with the attorney who is working with the representative of the Estate to be sure. If you're confused by any of this, feel free to call me. I won't charge for the phone call.
Answered on 4/14/11, 7:10 am