Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
Using Inheritance Wisely To Pay Debts
Homeowners received a large inheritance and aren't sure how to use it to pay down their debts. Paying off credit card debt is the first step. After the debt is paid off, you can start thinking of investments that are right for you.
Frequently Asked Consumer Questions
Where can consumers find their free annual credit report? How can consumers cut telemarketer calls? What do consumers need to know about estate planning? Here is consumer advice to answer common questions.
How To Find Missing Money
The I-R-S says more than $67 million in refunds remains unclaimed by taxpayers. In addition, there's hundreds of millions more in missing money waiting to be found. Is any of that money yours?
Gift Taxes Associated With Real Estate Inheritance
What are the gift taxes associated with real estate inheritance? The person who is giving the land should think about the gift taxes that may be incurred if the real estate is given as an inheritance. Ilyce suggests a conversation about the current owner's wishes and a meeting with an estate attorney before accepting a real estate inheritance and the gift taxes associated with it.
Recent Death Reveals Credit Card Debt
What happens to your credit card debt after you die? When you die, and there are no assets in the estate, the debts die with you as long as no one else held those credit cards.