Legal Question in Wills and Trusts in Pennsylvania
taxes for money from will
My grandmother left me money in her will, do I have to pay taxes on this
Asked on 11/07/07, 2:02 pm
1 Answer from Attorneys
William L. McLaughlin, Jr.
McLaughlin Law Offices
Re: taxes for money from will
No, you personally will not owe
taxes on the inheritance if the estate is probated. However, it is very likely that the estate of your grandmother will owe estate or
inheritance taxes which normally reduces what you get. The exception being that if you are left money or other assets directly through a beneficiary designation or "in trust for" account, you may have to pay the tax on the money you received. Contact
the executor or administrator of the estate to see how the taxes will be paid. Bill McLaughlin
Answered on 11/07/07, 4:41 pm