If a parent wants to give you part of your inheritance early and it is a sizable amount would you be required to pay taxes on it: I know there is an IRS tax form that the parent can fill out to report such a thing. But it is not real clear if I would have to pay taxes on the money. Also at the state level what would happen? this would be coming for another state.
Anita’s answer:
In general, if the amount of the gift is over $14,000 in a single year, it is a taxable gift under federal law and a gift tax return should be filed by the donor- your parent - the person making the gift. If gift tax is paid, it would be by your parent and not by you, as the recipient of the gift. Or, your parent might choose to deduct the amount of the gift from his or her estate tax exemption at death rather than paying gift tax now. Generally, if the donor's estate is under $5.43 million, there would be no estate tax concerns, so reducing their exemption amount at death may not be a problem.
Having said all of that, you should be careful about gifting appreciated property like real estate or stock, because the recipient (you) must take the same tax basis as the donor (parent). This is called carry-over basis, and it could lead to a large capital gains tax bill down the road, if you sell the gifted property. So, be sure to get good tax and legal advice before making these types of gifts.
My dad died back in 1985, his wife, my stepmother past away last week. surviving heirs are my brother and myself.: How do I find out if she had a will and if she didn't have one, what our our rights. There are assets i.e.: a home in NY worth over $700,00 and we don't know if there are any other assets.
Anita’s answer:
If your stepmother's legal residence was in New York, you will need to consult with a New York attorney for advice on inheritance and probate under that state's law. These laws are different in each state, so attorneys here in Georgia will not be able to advise you on your rights under New York law.
With that said, here are some general thoughts: I am assuming that this woman was not your mother - you described her as your stepmother. If that is the case, you are probably not an heir of hers, since you are not a blood relation. Of course, she could choose to leave you money or property in her Will, if she wanted to. Wills are a public record once they are filed for probate, so If you know her county of residence, you can contact the probate court (or whatever the court that handles estates is called in New York) and obtain a copy of the Will, if is has been filed for probate.
Best of luck in greeting the information you need.
I need help with my fathers estate. He was married 7 years prior to his death.: My grand father owned a business that was pass down to my father and other siblings. The new wife feels as though she is entitle to it along with the two kids that my father had with her. The business had been in my family since 1947, before she was born in 1968. Is she entitle to it. She is forcing a sale or by her out. I need a lawyer. Can she do this? 678-520-1900. Will the lawyer take on contenuance? In Arlington, VA.
Anita’s answer: As the other attorneys said, if this case is in the state of VA, you need a VA attorney. The laws are different in each state, so those of us in GA would not be able to advise on how the law works up there. It is also critical what his Will said, if there was a Will. Best of luck to you in this difficult situation.