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My fathers with his attorney created a , Will,Trust/Estate, ...

Sent to Tax Experts April 06 12:53 PM

My fathers with his attorney created a , Will,Trust/Estate, he died 2001. His Estate had to be absolved by 2007.involving commerical property. There are 5 adult children and 12 adult Grandchildren that are benificaries. ?"s are--will Federal IncomeTax be taken care of before
monies are distributed to families/or do we pay individually? Also how do we figure out inheritance tax in N. J. I am asking so I am prepared for same and let my children know what is to be expected. Thank you-Roberta M. Powell

 

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April 6 1:24 PM (31 minutes and 23 seconds later)
         
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Yes, Federal income tax are normally taken care of by the estate before the monies are distributed to the families. In limited instances the U.S. government may attach beneficiary inheritances where the estate were subject to U.S. estate tax and failed to pay prior to distribution to the heirs.

Transfers between parent and child and grandchild are specifically exempt from the NJ inheritance tax, so you and your siblings should have no problem with NJ inheritance taxes.


Let me know if you have any question.

renu@yashcon.com

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

RD -- Certified Public Accountant (CPA) -- 99% Positive Feedback on 4729 Tax Accepts
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