Legal Question in Wills and Trusts in Missouri

My mother died and left an annuity to all 4 of her children which was divided equally and we received a check from the annuity company. I was told by my cpa that I have to claim as income. We had been told that there would be no taxes on her estate. Please help explain why we have to pay taxes on this or is there a way around this? thsnks


Asked on 3/31/10, 4:00 pm

1 Answer from Attorneys
Richard Herndon Richard J. Herndon, Attorney at Law

It's certainly possible that a part of the annuity is taxable. If you were given bad information as to the taxability, then perhaps you should approach the person who told you that. The general rule is that there is no tax on inherited money, but there are exceptions. The exceptions are generally things for which no tax was paid, such as IRA money, and, yes, annuities.

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Answered on 4/10/10, 8:04 am


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