Legal Question in Wills and Trusts in Illinois
tax on money received by surviving sopuse
Hello there,
my wife recently passed away and here is my story...
We got married about 1.5 year back. We both are non-resident. (i.e. on work visa in US)
She has 4 bank accounts only on her name total balance euqaling around $35,000. And 401(k) account with her employer with balance around $3,000
She didn't left any WILL. I will prepare Illinois small estate affidavite to transfer this balance from her account to my accounts.
Now please advice
1)Do I have to pay taxes on $35,000 transferred from her bank account to mine
2)Do I have to pay taxes on $3,000 transferred from her 401(k) account to mine
3)Per my knowledge, she doesn't have any debt. (we took car loan on both our name and she was the secondary applicant and I was the primary. I will continue paying the loan)
4) What is meant by ''estate probate''?
5)Also you said ''Estate will be liable for the return''. Can you please advice what does this mean?
2 Answers from Attorneys
Re: tax on money received by surviving sopuse
Per your request, I will answer the above in the private email you sent me. thanks!
Re: tax on money received by surviving sopuse
Probate is the process that the estate enters for administration of assets.
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