Legal Question in Wills and Trusts in New York
tax law for inheritances
When inheriting a retirement fund from the state of NY and living in the state OH, can the inheritance be taxed twice? What is the tax rate on inheritances from both states?
Asked on 5/03/04, 11:13 pm
1 Answer from Attorneys
Anthony Park
Anthony S. Park, PLLC
Re: tax law for inheritances
The estate will not be taxes by two states. Depending on the type of retirement fund, the distribution may be subject to federal estate and gifts tax, as well as state inheritance or estate tax of one state.
The applicable tax rates depend on the overall size of the estate.
Answered on 5/04/04, 8:31 am
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