Legal Question in Wills and Trusts in Michigan
Is it taxable?
My mother recently passed away. I am her Representative and have Power of Attorney. All her accounts (checking, Money Market, CDs), are in both our names. I understand that all her debts must be paid. Following that, is the remainder of the money an inheritance or just mine? Do I have to inform any courts, etc?
Asked on 9/20/04, 4:46 pm
2 Answers from Attorneys
Henry J. Legere, Jr.
Law Office of Henry J. Legere, Jr.
Re: Is it taxable?
From the facts as you presented them it does not appear that any inheritance taxes are due. If she had any income/interest earned during the current tax year do not forget to file a final return with the IRS.
Answered on 9/20/04, 8:46 pm
Blake Lipman
Law Office of Blake P. Lipman
Re: Is it taxable?
You may not have to pay all her debts. For more info., please contact my office at (248)851-3171.
Answered on 10/01/04, 12:34 pm
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