Florida | Wills and Trusts
8/20/07, 11:37 am
Legal Question
Taxes
If my significant other leaves me a portion of his revocable trust after his death, am I liable for taxes on this inheritance?
Taxes
If my significant other leaves me a portion of his revocable trust after his death, am I liable for taxes on this inheritance?
|
Read More Answered By: Scott R. Jay |
Re: Taxes NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Probably not, as taxes are generally the responsiblity of the trust when it is a revocable trust. Regardless, you should be thankful of the gift and if any taxes are due (as the laws can change), it will be far less than the amount of what you receive.
Scott R. Jay, Esq. |
|
Read More Answered By: Marie-Anne Oatley |
Re: Taxes Assets in revocable trusts, unless otherwise exempt, are taxable to the estate if the estate is taxable (over $2,000,000 in 2007) because, by definition, the person retained control over the assets during life. After estate taxes are paid and probate satisfied, you, as a beneficiary, do not owe income tax on what was bequested to you. |
Boca Raton, FL
Questions Answered: 7772
Last Question Aswered on: 2012-05-24
Tampa, FL
Questions Answered: 6347
Last Question Aswered on: 2012-02-12
Miami, FL
Questions Answered: 4031
Last Question Aswered on: 2012-04-19
Jacksonville, FL
Questions Answered: 2836
Last Question Aswered on: 2012-05-24
Closter, NJ
Questions Answered: 1320
Last Question Aswered on: 2012-05-22
Orlando, FL
Questions Answered: 1172
Last Question Aswered on: 2012-05-02
Coral Springs, FL
Questions Answered: 968
Last Question Aswered on: 2012-05-13
Tallahassee, FL
Questions Answered: 928
Last Question Aswered on: 2012-03-29
Jacksonville, FL
Questions Answered: 816
Last Question Aswered on: 2012-05-18
Palm Beach Gardens,
Questions Answered: 760
Last Question Aswered on: 2012-04-12
► Power of Attorney - Effective immediately Does Power of Attorney remain in force...
► Estate Question My mother-in-law died recently without a will. She has a vehicle...
► Probate My sister died in Florida with no will. Shes owns a car and a mobile home on...
► Need legal help My question is not for me, but for my brother who wife passed...
► Wills florida wills, married couple with grown children. must children also live in...
► Wills Is a North Carolina will valid in Florida?
► Court order How long does a repersentive of an estate have to surrender exempt...
More Probate, Trusts, Wills & Estates questions and answers in Florida| Bill of Sale | Living Will |
| Contracts | Notices |
| Divorce | Power of Attorney |
| Employment | Quitclaim Deeds |
| Landlord & Tenant | Real Estate |
| Leases & Rentals | Sales and Purchases |
| Letters | Wills |
| Living Trusts | More... |
© WebsiteBroker, Inc.
LawGuru.com | Advertise on LawGuru | Affiliate Program | Privacy | About Us | Press