QUESTION

Will I need to pay tax on money inherited from friend. She made me & others beneficiaries of her retirement account. As an administrator for funeral*

Asked on Jul 18th, 2012 on Wills and Probate - Ohio
More details to this question:
She did not have a will. The Ohio Public Employees System is the account. We have paper work that states the names of the beneficiaries. *is it allowed to pay for hotel rooms for relatives who come from out of town for the funeral and for food for the wake?
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1 ANSWER

Tonya Coles
You ask very specific questions. The answers depend on several factors. I suggest that you speak with a probate attorney about your situation, to determine how you should proceed. Tax may be due depending on the value of assets in the estate. Funeral and burial expenses generally can be reimbursed from the estate, up to a certain dollar amount. However, those expenses are usually limited to expenses billed by the funeral home and cemetery. It is likely that you will not be able to take money from the estate to pay anyone back for hotel rooms. Tonya R. Coles, Attorney at Law Elder Law - Estate Planning - Probate
Answered on Jul 19th, 2012 at 4:00 PM

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