Legal Question in Wills and Trusts in Texas

When will inheritence be disbursed?
My Question is three-fold:
My grandmother passed away on July 23rd 2004, her estate is valued at around $500,000 and the estate executor has told me that my 2 brothers and myself will inherit my deceased father's share of the estate, which is 1/4. There is a Probate hearing at the end of September 2004. My question is: How long does it normally take for funds to be disbursed to heirs when there are no problems with Probate, when things go smoothly?
My grandmother was in a nursing home for 10 years and that bill was prepaid. There are no Creditors that the Estate owes. To my understanding, the value of the Estate is exempt from ''Estate Taxes'' but will have to pay income taxes.
How do you you determine what tax bracket the Estate is in and how much will be owed for Income Taxes? The bulk of the Estate is invested.
Finally, will I have to pay any kind of an Iinheritence Tax or Income tax on my share?

Thank you for your time

Asked on 8/30/04, 12:33 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: When will inheritence be disbursed?

First, disbursement usually takes place about six months after the executor receives their Letters Testamentary and files a notice by publication.

Second, that's determined about the same way your tax bracket is determined. The income, deductions, etc. of your grandmother's last taxable year.

Third, there is no inheritance tax on a $500,000 estate, and your portion is not considered income.

Answered on 8/30/04, 12:58 pm

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