Estate taxes

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1. 

   Joseph PippenPro

   Largo Estate Planning Attorney

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   Answered August 10, 2012 19:53. I agree with Attorney Frederick-most likely no taxes. No taxes on insurance and her ownership of home can be passed with a step up in basis and no Federal estate tax.

   The answer given does not imply that an attorney-client relationship has been established and your best course of... moreThe answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter. less

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2. 

   Steven J. Fromm

   Philadelphia Tax Lawyer

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   Answered August 11, 2012 06:27. Life insurance proceeds are not taxable income, except for a small portion of interest that accrues after death. You will get a Form 1099 if there is any interest to speak of but it will be quite small. Her home since it was titled in her name will get a step up in basis to $90,000 so there will be no capital gains if it is sold at this value.
   One warning: Certain states have an inheritance tax, such as PA. I am not an OK estate lawyer so you need to check this out.
   
   Hope this helps.
   
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   Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336, his email address is sjfpc@comcast.net , for more tax, estate and business articles visit his website www.sjfpc.com. and blog

   LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... moreLEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency. less

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3. 

   James Frederick

   Livonia Probate Attorney

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   Answered August 10, 2012 19:44. How is the home titled? As long as it was in MIL's name alone at the time of her death, (or if title passed by operation of law, as of the date of death), then there should be no capital gains taxes due on the home. The insurance will not be taxable either.
   
   James Frederick

   *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more*** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. less

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