Media Estate Planning Attorney Discusses Inheritance Taxes
This legal question was provided by Avvo.com. You can view the original question here.
Do I have to pay inheritance taxes on a bank account my father left me?
My father left me five thousand dollars in an account, my brothers were left the family home, does my money have to be included with the home and be taxed with the house or can I just have my money? My brother says it has to be included in with the house and have to pay inheritance taxes on it.
The answer depends on what the will says in regard to how the taxes are paid. If the will provides that death taxes are paid from the residue of the estate, and your father left the bank account in the form of a specific bequest, you would receive the account without any reduction for death taxes.
Do you have questions regarding inheritance taxes? If so, contact the experienced Media Estate Planning Attorney Edward Perkins.