Legal Question in Wills and Trusts in Ohio

Taxability of inheritance

A friend recently died of Alzheimers disease. She had $60,000 in bank deposit accounts. She is survived by three siblings, but did not leave a will. The funds were divided equally among the siblings. Are their respective shares of the accounts taxable to them? One of the surviving siblings also has dementia, so my friend is holding his share in her account and making periodic payments to his daughter for his care. Will she be taxed on the portion of the funds held for her brother's benefit be taxable to her, if the inheritance is taxable?


Asked on 1/07/09, 2:43 am

1 Answer from Attorneys
Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

Re: Taxability of inheritance

Generally inheritances through a will are not taxable. Transfers of ownership like what you describe can be taxable unless they fall into the category of a nontaxable gift. This year's amount for a gift tax exclusion is $13,000 per person.

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Answered on 1/07/09, 8:24 am


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