INHERITANCE
I HAD A SIBLING WHO PASSED AWAY DECEMBER 2024. THERE WAS A WILL, HOWEVER NOT UP TO DATE. WE ARE ANTICIPATING THE CLOSE OF THE PROBATE PROCESS IN JANUARY 2026. THE PROCEEDS FROM THE ASSETS TO BE DIVIDED EQUALLY BETWEEN 4 REMAINING BROTHERS. ARE THERE ANY TAX PITFALLS WE SHOULD BE AWARE OF?
THANK YOU,
Terry Says
As long as the attorney handling the probate process certifies that any obligations of the decedent are satisfied, the heirs will owe no taxes on the money/assets they receive. One exception is Savings Bonds, where taxes must be paid before bonds can be re-registered.
