Have You Recently Inherited Money? Estate or Other Taxes May Await You | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






Have You Recently Inherited Money? Estate or Other Taxes May Await You

September 18, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

If you leave assets behind to your loved ones, you should always do so with a clear expectation of what that money or property is attached to. Ignoring the potential tax consequences could leave your loved ones in a difficult bind, whereas planning in advance gives them more opportunities and helps to stretch that money even further.

Many people do not meet the threshold to trigger the federal estate tax, although it is still important to schedule a planning consultation with an experienced estate planning attorney. There are certain states across the country that do tax individuals who receive inheritances. Variation also exists between these states about the size of the estate and the asset types. inheritance tax

Inheritance does not classify this income unless it relates to the federal tax structure and there is no requirement to report the same. But there are several different inheritances that could lead to income. The latter type would be taxable. Capital gains tax, for example, could be imposed on a profit made. Taxes can be minimized on inheritance assets. Since estate taxes can be complicated, it is strongly recommended that you bring your questions and your individual planning concerns directly to an estate planning lawyer who can assist you with further information.

 

Leave a Reply

Your email address will not be published. Required fields are marked *