Legal Question in Wills and Trusts in New York

Estate Taxes

I will be receiving a check from my grandmothers estate worth between $15,000. & $20,000

Will I have to pay taxes on it. If I do is there anything I can do to avoid the tax legally (Of course)

Thank you for your help


Asked on 7/31/06, 9:01 pm

3 Answers from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Estate Taxes

The receipt of a bequest of principal is not normally subject to any tax.

Check with the attorney for the executor.

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Answered on 8/01/06, 8:28 am
Stephen Loeb Law Office of Stephen R. Loeb

Re: Estate Taxes

If there are estate taxes due, they would generally be paid by the executor prior to distribution of the bequests.

Should you like to discuss this or any other legal matter, you can e-mail me for more information about low cost face-to-face, on-line, or a telephone consultation with a lawyer in our office.

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Answered on 8/01/06, 9:43 am
Walter LeVine Walter D. LeVine, Esq.

Re: Estate Taxes

Normally the receipt of a bequest is free of income taxes (unless the asset that generated it was a deferred taxable item like an IRA, an annuity or some other retirement plan distribution). Estate and/or inheritance taxes, if any, should have been paid by the estate. You should be notified of any tax liability when you get your payment. This is a response to an Internet question and trhe reply is not intended to be legal advice or create an attorney-client relationship.

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Answered on 8/01/06, 1:50 pm


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