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Inheritance Property

Inheritance property is any property received from a person who is deceased. It can consist of real property such as a house, business or undeveloped land, or personal property such as automobiles, boats, jewelry, household furnishings and clothing.

Inherited property can include financial instruments such as cash, investment portfolios and life insurance proceeds. Although considered personal property, financial inheritances are oftentimes taxed at a different rate than other types of personal property.

Inheritance tax is assessed based on the fair market value of the property. The tax rate is based on the appraised value and the beneficiary's relationship to the deceased. Individuals who inherit the property are responsible for paying the taxes.

Inheritance taxes are governed by each individual state. Currently, 10 of the 50 states within the U.S. impose inheritance tax. These include: Indiana, Iowa, Kansas, Kentucky, Maryland, Nebraska, New Jersey, Oregon, Pennsylvania and Tennessee.

State taxes are typically not imposed on inheritance property which is passed to the surviving spouse. However, when property is passed to children, family or friends, inheritance taxes are imposed.

Federal inheritance taxes are only imposed on estates valued at more than $2 million. Taxes are charged on the amount that exceeds the threshold. For instance, inheritance property valued at $4 million would be taxed on $2 million. The first $2 million is exempt.

Inheritance tax returns must be filed with the Probate court in the county where the deceased resided. The Estate Executor is responsible for the filing, which must occur within nine months from the date of death. Additionally, inheritance taxes must be paid within the same timeframe. Otherwise, the balance due will be subject to interest fees and late penalties.

Receiving inheritance property isn't as simple as handing the keys of a house over to the new owner or handing off a financial portfolio. Certain steps must be adhered to and specific paperwork must be filed. Due to the complexities of inheritance property laws, it's best to obtain legal advice. Seek out lawyers who are well-versed in Inheritance Law.

If you are entitled to inheritance property, but it's tied up in probate, we have a solution for you. Instead of putting finances on hold, heirs are able to sell their inheritance for a lump sum cash payment through Simon Volkov.

If you are in need of cash for your inheritance, fill out our Inheritance Form. Upon receipt of your information, one of our Inheritance consultants will contact you within 48 hours. We look forward to working with you and assisting you through the process.

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Published on March 07, 2008 at 07:20 AM | Comments: 19

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I have a question? I have inherited an oil well and the oil well is still pumping oil. What should I do from a legal stand point such as filing deeds, what about taxes and my rights as owner? What are the questions I should ask and should I have an attorney present.

jada | April 21, 2009 7:58 PM


First you need an Attorney to set up you entity for asset protection and see if they have an CPA that they work with. Then go record the deed in your entities name. Oil will be going up and that should make you some money. How many barrels does it produce a month?

Simon Volkov | April 21, 2009 9:29 PM


My fiance's grandmother passed away and left a will. My fiance's mother has power over the will and when it will be opened. Well my fiance has been living at his grandmas house all his life and after she passed away she owed back taxes and a home improvement loan. My fiance has now paid the taxes and loan but the house is still under his deceased grandma's name. According to his mother the will states the house is to go to both my fiance and his sister (who has not paid a penny of the taxes...ever). Now, my fiance and his mother went to have the home put in my fiance's name without opening the probate or informing the sister. Can this be done? Will it create problems later.

Toni | May 18, 2009 6:18 AM


How do i know if i have any properties that I inherited.

amanda | December 15, 2009 11:19 AM


First, someone had to have passed away. If someone has passed away and there is a family member handiing the estate then that's the person you need to contact. If there is no family members the you will need to cantact the state or legal service handeling the death.

Simon Volkov | December 15, 2009 11:28 AM


my both parents have died. what happens to my inheritance? will it be a conjugal property between me and my husband?

elizabeth | January 5, 2010 10:40 PM


a title of a property is in the name of two persons (brother and sister, both married and have children). the brother died.what happens to the property?

elizabeth | January 5, 2010 10:45 PM


If you where married at the time of death of your parents then Yes you and your husband should share the inheritance.

Simon Volkov | January 8, 2010 7:25 PM


It normally trickles down the family tree. This is pastdown to nearest blood first.

Simon Volkov | January 8, 2010 7:30 PM


My sister an i have inharited esch 50% of 3 residentual and a 4 plex how can we do the titles on the properties and still be able to put it in each 0f our separate living trust.

shirley | May 4, 2010 3:27 PM


Once a will has been executed who is entiled to found money

jsmith | September 12, 2010 7:05 AM


My father in law passed away with a simple will. The real estate he lived on was owned by his parents and titled in his mother's estate name. Estate of Annie H... His name is on the contact information for county property taxes but not as an owner. He is survived by a sister, 3 daughters, 4 grandsons, and a great granddaughter. How is this real estate passed on? Does it need to be re-titled?

scottg | January 11, 2011 10:09 AM


Is there a time limitd on overturing a heir estate?

minnie hudson | April 13, 2011 5:53 PM


It depends on many factors. You must consult with estate lawyer.

Simon Volkov | April 13, 2011 8:31 PM


I have the option of receiving a car worth $15,000 from an estate or allowing the estate to sell the car and take the cash. If I take the car, then later decide to sell it down the road, will I be taxed on the proceeds from the sale?

Dan Watson | September 23, 2011 5:10 AM


i inherited an estate from my estranged husbands family in 2007 2008 unfortunately i dont know the name of the person iv inherited from im concerned i am backed up on paying the taxes on t estate also there is a trust that i should be recieving from that will go to my children when i die. how would you lo*ate this??

amanda trapp | July 25, 2012 6:03 AM


Both my parents have passed and the inheritance of the property to me and my brother and sister. How do we transfer the property in our individual names? Is it as simple as the lawyer writing up a deed for each property and we all sign it. How about if one of us only wants one of the property. One of us will sign the deed and the other will payoff of the portion to the other that doesn't want the property.

Susan Vigevani | April 22, 2013 1:41 PM


in the future me and my sister( we dont get along) will be inheritance a house 50 /50 she holds would the house be split if one want's to sell and the other wants to keep it?

joey | August 10, 2014 12:47 PM


First you will need to hire an attorney to draw up the papers to equally divide the property while your parents are alive. So when the times comes there will be no disputing the agreement and everyone is aware what each one wants done with its shares of the estate.

Hire an Estate Planning Lawyer as soon as possible!

Simon Volkov | September 19, 2014 3:56 PM


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