Legal Question in Wills and Trusts in Ohio
How are estate fees & taxes paid
If an estate is divided between 4 people, the 1st one receiving 50% of the estate and the other 3 splitting the remaining 50%, are the attorney fees & taxes paid in proportion to each person's share (ie the 1st person pays 50% of the fees/taxes & the other 3 split the remaining 50%)?
Asked on 6/12/07, 8:16 pm
1 Answer from Attorneys
Edward DiCato
Edward DiCato Attorney at Law
Re: How are estate fees & taxes paid
Actually attorney's fees and taxes will come out of the estate before distribution. Then the rest will be distributed as percentage shares. In the end, the persion getting 50% will end up paying 50%,. etc. That is money lost to the estate that they would have had that percentage share of if it had not been paid out.
Answered on 6/12/07, 11:54 pm
Related Questions & Answers
-
Estate How long do you have to claim on a estate Asked 6/09/07, 9:37 am in United States Ohio Probate, Trusts, Wills & Estates