Legal Question in Wills and Trusts in Indiana
Inheritance Tax
What is the Inheritance Tax rate in IN? My uncle left me a 6 figure inheritance, and I'm being told that the tax will be 5 figures. Yes, it is a ''blood'' relation, my father's brother. I'm told that that matters.
1 Answer from Attorneys
Re: Inheritance Tax
Indiana's inheritance tax is based on your relationship with the deceased. The farther removed you are, the lesser the exemption, and the higher the rate. For children, the exemption is $100,000, for nieces and nephews the exemption is a measly $600, and the third class is only a $100. The rates for beneficiaries are also similarly structured. Bequests to children (after taking the exemption) starts out at 1%, to nieces and nephews 7%, and to class C beneficiaries it is 10%. So, based on the amount that was left to you by your uncle, the inheritance tax could get salty.
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