Legal Question in Wills and Trusts in New York

lawyers procedure

I was recently informed I am to share an inheritance of an estate worth ''over $1,000.000.'' The federal taxes due April 15 was $525,000. (estate taxes have not been paid yet. not sure what state taxes were). Since this seems ridiculously high, would a lawyer as a matter of caution against heirs going on a spending spree list an estate's value at ''over $1,000,000'' even when it was worth more more?


Asked on 4/19/02, 11:00 am

1 Answer from Attorneys
Daniel Clement Law Offices of Daniel Clement

Re: lawyers procedure

Before an estate should be distributed, estate taxes, debts and probate expenses must all be paid. Since you do not know exactly what you aregetting at this point, I would not spend it.

Daniel Clement

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Answered on 4/19/02, 11:05 am


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