Legal Question in Wills and Trusts in Illinois
My mother and I had a will drawn up by an attorney some 10 yrs ago. My question is this -both of our names are on the deed to her home that she currently still lives in. When she passes on will I be responsible for any taxes on this estate.
Asked on 2/18/10, 3:37 pm
1 Answer from Attorneys
Gregory Turza
Law Offices of Gregory P Turza
I don't know that there will be any taxes. If all she has is the home then perhaps not. If she dies with a taxable estate then the estate will have to file the estate tax return and pay the tax within 9 months of the date of death.
If your question is whether the house is part of her taxable estate then the answer is probably yes, based on the facts provided. This is because in these situation your mother probably bought the house with her money then put you on title as a convenience.
Answered on 2/23/10, 3:50 pm
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