Legal Question in Wills and Trusts in New York

Re: Estate Taxes

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

Check with the attorney for the executor.

Re: Estate Taxes

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

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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.