[[My mother-in-law inherited $35,000 from her brother who died in Florida.]]Sorry to hear about losing a member of your family.[[ She 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.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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