More details to this question:
Hello and thank you for you help! My grandmother left me and her other 5 grandchildren each $20,000 in cash in her will. Whatever amount was left after paying that was supposed to be split between my dad and uncle. She had about $400,000 in cash and about $500,000 in an annuity. My uncle is trying to pay us out of the annuity and say we are responsible for the tax. In my case about $4,400, leaving me with $15,600. I do not believe this is correct. I think the estate should pay the taxes and then give us $20,000. Any thoughts? Thanks!
1 ANSWER
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The correct answer probably depends on exactly what the will says. Generally, gifts by will are received tax free, with some exceptions, and most wills provide that the estate is liable for taxes, with some exceptions.
Answered on Jun 05th, 2023 at 8:09 AM