Legal Question in Wills and Trusts in New Jersey

Re: inheriting house

Whether or not you are responsible for the payment of any tax depends on the language of the Will.

You will not owe any income tax on what you inherit, but it's possible you may owe some NJ Inheritance or estate tax, depending on the tax clause in the Will. If you send me a copy of the Will, I can provide you with an answer.

Re: inheriting house

You have not provided enough information. I am presuming that there was a Will, it has been probated and an Executor appointed. The Will specifies who pays the inheritance taxes, if any, which depends upon the size the estate and the relationship, if any, between the Will maker and the person benefiting from the estate. If you are a remote relative (not a spouse, child, grandchild or brother/sister), or unrelated to the decedent, the inheritance tax is about 15% of the date of death market value, and could be higher if the aggregate estate exceeds $675,000 of total assets. Some Wills specify that the estate pays the taxes (presuming the estate has the money to do so) and some Wills say the beneficiary is responsible. Not seeing the Will, I do not know what it says. If you have to pay the taxes, you can work out a payment plan with the State. If you need more information, get me a copy of the Will and co9ntact me directly.

Re: inheriting house

Where is the house and where is the Will? Obviously, there are a lot more questions, but if you need help in South Jersey, I'm available.

Since the house is free and clear, if there is a substantial amount due the State you can choose to mortgage or even sell the property. There are other options, too.

Call or e-mail to discuss the details. I offer reasonable rates, often with flexible payment terms.

Mike