Legal Question in Wills and Trusts in New York
inheritance tax
If I inherit part of my aunt's estate(money) do I have to pay inheritance tax?
Asked on 10/17/08, 2:38 pm
2 Answers from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: inheritance tax
I agree with Norman that you only pay if the Will directs this. Normally an inheritance comes without this tax liability, unless the Will specifies the taxes are to be paid by the beneficiary. Inheritances are not subject to income tax either, unless the asset distributed has an inherent income tax consequence such as inheriting an IRA or retirement plan account.
Answered on 10/18/08, 2:43 pm
Norman Nadel
Norman Nadel, Esq.
Re: inheritance tax
Not unless the Will provides that you pay the inheritance tax.
Answered on 10/17/08, 2:50 pm
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