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amanda | When I die, will my benificiary's have to pay taxes on what they inherit? |
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gojunisai
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This is so complicated, there is no one answer that covers every instance. As a general rule, the person's estate pays the inheritance taxes, then the beneficiaries get what's left over. But even that's not always true. For instance with government savings bonds, the bonds can be signed over to the beneficiary at death and then taxes continue to be deferred on them until they're cashed in by the beneficiary.
Depending on the state you live in, there could be state as well as federal taxes due.
There are ways to arrange your financial affairs so that no inheritance taxes are paid when you die, but that's complicated and if you're interested, you've got to learn about estate planning. There are plenty of books and seminars on this subject. |
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SoCal Attorney
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Scott's answer is largely correct, but incomplete. While Scott accurately quites FEDERAL law in inheritance tax, his answer does not take into consideration any STATE taxes that might apply.
A qualified estate planning attorney in your state can help you plan your affairs to minimize any negative tax implications to your heir. Please see an attorney and do not rely on the unreliable advice you have received in response to your question. |
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webjnke1
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inheritance tax |
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Mom
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Yes but if you get a lawyer they will see to it that they will pay as little as posible. |
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Scotty Doesnt Know
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I am truly amazed at the number of responses that are just plain WRONG on this answer. (Please note my source: The IRS web site) Your heirs are ONLY subject to an estate tax if you have A LOT of money to leave them. The majority of Americans' estates are inherited tax free. When there's a very large amount of money left (more than $1.5 million), then there's an estate tax.
I quote from the site cited below:
To reemphasize: Most relatively simple estates (cash, publicly traded securities, small amounts of other, easily valued assets and no special deductions or elections or jointly held property) with a total value under $1,000,000 and a date of death in 2002 or 2003 and $1,500,000 and a date of death in 2004 or 2005 do not require the filing of an estate tax return.
The person who receives your gift or your estate generally will not have to pay any gift tax or estate tax because of it. In addition, that person will not have to pay income tax on the value of the gift or inheritance received. NOTE: There are some technical applications for "Income in Respect of Decedent" under §691 that will have to be considered for income earned but not otherwise taxed prior to the date of death. |
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ufa
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i thought you didnt have to pay tax if the money you inherit is in the form of investments? |
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experience
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It sounds terrible, but that's how it's set up in most states. |
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Doug
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Yes and it's a heafty tax too. Bush is trying to reverse that right now. |
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skinnywayne
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Basicly you must pay tax on any type of income you recive, including inherited money :( very sad. |
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4knowledge
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Yes. |
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WoodyBretton
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If you do not know the answer and do not have a lawyer advising you, you likely do not have enough to worry about.
Technically, your estate will pay the inheritance tax, not your beneficiaries. Doesn't that make you feel better? |
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Smoove
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Yeah, unless the inheritance is renounced, meaning it is not accepted, doesn't go to someone that they could use it through, and they never take part of any benefit from it, they will have to pay an inheritance tax.
The law however does allow for gifts to be given as non taxable income, but it depends on the state laws that apply in addition to federal taxes. You should be able to make a gift of a certain amount every year. |
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andycapp
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You're beneficiaries get a step up in the value of your assets at the date of death or alternate valuation date (six months after death), this is really good for things like highly appreciated real estate. That way they don't have to pay tax on all the gain during your lifetime. |
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Jerry
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Until recently, your net worth had to exceed something like 600,000+ dollars before any taxes would have to be paid. But I believe last year or this year, it's going up to something like 1.2 million as a ceiling before any inheritance tax is owed. |
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