Legal Question in Wills and Trusts in Pennsylvania

Please HELP! I am trying to submit a clain for life insurance and annuity benefits and do not know how to complete the tax section. Asked dad's CPA but he refuses to help, stating I need to go to a lawyer.

Value will be approximately $80,000.00 to be distributed evenly between 5 beneficiaries.

What taxes (%?) are we liable for as benefiaries (his 5 adult children) of my dad's life insurance and annuities?

The options are:

1. have 10% Federal Income taxes withheld on taxable portion of my distribution.

2. have more than 10% Federal Income taxes withheld on taxable portion of my distribution.

3. have State income taxes withheld on taxable portion of my distribution

any info would be helpful. thank you so much!


Asked on 5/16/12, 11:10 am

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Dad's CPA is right: you need to go to a tax lawyer.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

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Answered on 5/16/12, 2:48 pm


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