Legal Question in Wills and Trusts in California
Malpractice case settlement
An agreement has been made concerning the death of a loved one in a malpractice case. The money that was awarded will be put into an Estate. Will the benafactors have to pay any tax or go through any probate to be given the money? The deceased left no will and one son has since passed on as well. How should the money be divide up? Only to the surviving children or should the deceased son's family be awarded money into his Estate?
2 Answers from Attorneys
Re: Malpractice case settlement
Taxes will have to be paid before distribution of the estate, but only if the estate is more than $1.5 million. The deceased son's children will be entitled to receive the share that would have gone to the deceased son. Most likely, you will need to probate the estate to make the distribution. See an attorney for more details.
Re: Malpractice case settlement
The estate is taxable if it is over $1.5 million. There may also be income taxes due, depending on the structure of the settlement. Have a probate attorney review it to see whether probate is needed to get it to the heirs. The children of the son who passed away will likely take his portion under the law, but an attorney can tell you after reviewing the settlement.
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