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Registered
Join Date: Aug 2000
Location: Palm Beach, Florida, USA
Posts: 7,713
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If estate taxes are to be paid, they are paid by the estate, not you. They are paid on the entire value of the estate, not what you receive as an individual.
I don't think Ohio has an estate tax any more. The feds don't tax on a little over the first $11 million of the estate. There are ways to increase the federal exception if your dad used a competent estate planning lawyer. Does he have a will? Who is handling the estate? Is there real property involved or just investments and personal possessions? What state was he in when he died and where is the property? The state where real property is located controls the laws relating to that property. The law of the state where your dad died will controls most of the rest.
Unless the estate is quite large, the estate won't pay any federal tax for sure. But what you receive as your inheritance will be net taxes anyway.
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MRM 1994 Carrera
Last edited by MRM; 04-12-2020 at 08:16 PM..
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