Receiving an inheritance - Page 1

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[ARCHIVED THREAD] - Receiving an inheritance

Posted: 4/20/2015 12:49:45 AM EDT

My grandmother passed recently and I've learned I will receive around $18k from a trust and approximately $7-10k from some cash savings. I've read that the federal exemption from estates is over 5 million, and the state of GA does not have inheritance tax.

Am I missing something? Will I get the full amount? Or, are there some other taxes/fees I need to be aware of?

Posted: 4/20/2015 6:34:00 AM EDT

[#1]

Depends on the value of the gross estate, but your inheritance should come to you tax free.

Posted: 4/20/2015 6:39:36 AM EDT

[#2]

You're good to go, estate should just write out a check to you as far as the 7-10K cash. As far as the trust goes, that will all depend on how it is written up as to how disbursement occurs.

Fed wise you are good to go. If your state of Ga doesn't have anything for that amount you're clear.

Posted: 4/20/2015 7:51:06 AM EDT

[#3]

Thanks. The total estate is probably <$200k. I think the trust money might be in the form of some type of bond/fund/annuity, not sure. So, there might be some fees/taxes there. I'll know more when the will is read.

Posted: 4/20/2015 7:54:17 AM EDT

[#4]

When my BIL passed years ago my wife got a check from his executor. It was a lump sum with no taxes paid. Less than 10,000

Posted: 4/20/2015 1:38:39 PM EDT

[#5]

We just went through this for our 2014 taxes. While our portion of the inheritance exceeded $10k, we only paid taxes on the interest earned. I'm not 100% sure on the specifics of the trust we received the inheritance from, the estate was responsible for most of the taxes and we ended up only needing to pay a fairly nominal amount to the state.

Posted: 4/20/2015 2:32:04 PM EDT

[#6]

I'm in the process of receiving a mutual fund and life insurance policy. The life insurance will be case and the mutual fund is just being transferred. It was being split 6 ways so each beneficiary has to one a new account with that fund.

We are not being assessed any taxes on the amount.

Posted: 4/23/2015 9:33:38 AM EDT

[#7]

The estate should handle any federal taxes, and may handle state staxes if the beneficiary is in the same state as the deceased.

However, if the gross estate value is less than $5.x million as you say, and GA doesn't have a state inheritance tax, then you will receive the money tax free.

[ARCHIVED THREAD] - Receiving an inheritance

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