The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: inheritance taxes||Date: 1/27/1999 7:53 PM|
|Author: TMFTaxes||Number: 9091 of 121114|
[[My mother-in-law inherited $35,000 from her brother who died in Florida.]]
Sorry to hear about losing a member of your family.
lives in New York. I know that Gov. Pataki signed a tax relief bill effective Oct.
1. 1998. Does this mean she doesn't have to report this as income since she
received it after this date?
Also she has advanced Alzheimers and my husband has power of attorney. Her
only sister is dying and she will inherit a considerable amount. Is there anyway
for her to waive the inheritance and let the money be divided among her
children? We take care of all her needs but fear that her other children may not
like my husband having control.]]
All of the above issues are New York state specific. I don't have the answer to your New York questions. Perhaps some other Fool with tax experience in NY will drop by and give you some guidance. In the meantime, you might need to contact the NY Dept. of Revenue and hash this out with them (as far as the estate tax issue).
As far as the inheritance, she can certainly "disclaim" her interest in the inheritance (there are certain guidelines that must be followed), but this gets to be a very, very technical matter. You would really need to retain the services of a qualified estate tax pro and/or estate tax attorney for the specifics of a disclaimer on the inheritance.
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