Inheritance question

[Bruinator]

Hi, I am hoping someone has an answer for me on the following question as my mom passed away over the weekend... If a last remaining parent passes away, in the united states ,and they left everything to them, does the child get taxed on it once money goes from the account that was in both their names to just the childs?

 

This is all new to me so any help is greatly appreciated.

 

TYVM

[farmeunit]

Not an expert, but from my understanding, it would need to be a substantial amount, and only in some state.  But I'm not an expert.

 

My father just die, as well, and after talking to a lawyer, I'm just going to the bank with death certificate and pulling the money out and putting it into my account.  He told me that it would need to be over $40,000 and/or have more assets to really worry about anything with probate and more legal paperwork, etc..  In Missouri here, and the total amount of money is under $8,000.

[Bruinator]

On 29/03/2022 at 13:36, farmeunit said:

Not an expert, but from my understanding, it would need to be a substantial amount, and only in some state.  But I'm not an expert.

 

My father just die, as well, and after talking to a lawyer, I'm just going to the bank with death certificate and pulling the money out and putting it into my account.  He told me that it would need to be over $40,000 and/or have more assets to really worry about anything with probate and more legal paperwork, etc..  In Missouri here, and the total amount of money is under $8,000.

Thx for the quick response. I am wondering if I would be penalized / taxed moneywise in regards to receiving a house, bank accounts and whatnot if everything was in both are names to mine?

Edited March 29, 2022 by Bruinator

[farmeunit]

You should be able to get a free consult with someone on it, I would think.  I wouldn't think there would be any taxes because you're just removing her name, basically.  Or considered a transfer of ownership, not a sale.  What state are you in?  That's mainly what you need to factor in.  Is there a will?  If not, you might need probate.

[Bruinator]

On 29/03/2022 at 14:20, farmeunit said:

You should be able to get a free consult with someone on it, I would think.  I wouldn't think there would be any taxes because you're just removing her name, basically.  Or considered a transfer of ownership, not a sale.  What state are you in?  That's mainly what you need to factor in.  Is there a will?  If not, you might need probate.

There is a will and everything is left to  me, I live in massachusetts. Any help and info concerning this and a person's death is greatly appreciated as this is all new to me as my dad died when i was really young.

 

TIA

[Rohdekill]

You need to discuss with a lawyer.  And not a keyboard one.

[farmeunit]

https://www.mass.gov/guides/a-guide-to-estate-taxes

https://www.mass.gov/info-details/find-out-when-its-necessary-to-probate-an-estate

 

Look at those, but getting a lawyer is definitely a good idea if there is a decent amount of money and real estate involved.

[xrobwx71]

https://www.irs.gov/site-index-search?search=inheritance&field_pup_historical_1=1&field_pup_historical=1

[Bruinator]

Thx guys. I talked it over with a neighbor who lost her mom a little over a year ago. She gave me most of the info i needed.