Legal Question in Wills and Trusts in North Carolina
my mother passed away on march 2016. she has left me a sum of money, about 80,000. will i have to pay any state or federal taxes on this. she lived in ca. and i in n.c.
1 Answer from Attorneys
You need to talk to a California attorney about this. There are only a few possible taxes - estate taxes and inheritance taxes. Some states have inheritance taxes and some do not. For example, NC does not but PA does. I am not licensed in CA so I do not know whether CA does or does not. As for federal taxes, estates are only taxed if they are above $5 million roughly. Did your mother have more assets that that? Did she make any gifts in her lifetime which will count towards the exclusion? Estate taxes, if owed, would be paid by your mother's estate. California may tax estates differently than the feds - I don't know - that is why you would need to talk to an attorney to find out.