Legal Question in Wills and Trusts in Ohio

annuities

Is an annuity that was left to me by my mother passing away and making me sole benificary considered income and taxable?


Asked on 9/06/07, 11:21 am

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: annuities

The value of the annuity is added with your mother's other assets to determine whether an estate tax is due. You may or may not have to pay income tax, depending whether the annuity was purchased with funds never taxed. You need to consult your tax preparer.

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Answered on 9/06/07, 12:55 pm


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