Taxes Involved When Inheriting

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Many people fear that when they receive an inheritance, that the IRS and their state will come asking for a huge chunk of the inheritance.
Most people are aware that we have an income tax, a sales tax, a property tax, and a capital gains tax, just to name a few.
But surprisingly, most people who receive assets as a result of another's death do not have to pay a large chunk of it to the government.
For prospective law firm clients who want to schedule a free 30 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney

[@4355dcox]

Thank you, great info.

[@AlumniQuad]

1:48 Inheritance is tax free for most people
2:42 Exceptions
3:30 No tax up to $11.58 million threshold (as of the year 2020)
4:17 Inheriting a traditional 401(k) or IRA taxed as ordinary income
5:28 Compensation for executors/trustees taxed as ordinary income

[@imagesinla8575]

Your videos are very informative and helpful, thank you.

[@margyiphillips4931]

Hello sir. Looking forward to learning something new.

[@sarahbrasher5860]

I am grateful for your channel. Very informative for the everyday person. I’d like to ask a question but not on here- how can I?

[@FourthDimensionalHillBilly]

What if I owe the IRS back taxes that are now over 10 years old and past the statute of limitations. Can they come at me and take my inheritance even if it’s past 10 years?

[@Teeena]

I believe there is a 10 year SOL with the IRS. But don't quote me, just research it.

[@westleywest7259]

Hi. Liked & Subscribed.
Question: is the info you’re giving us true for all states? For example California?

[@halkizerian9604]

My lady (we are not married so it has nothing to do with me). She
inherited around150k(all cash )in 2017.she got a letter I think in 2019
stating she owed a capital gains tax(I thought it had to be a
mistake)she no property to sale just the cash. I realize I lack a lot of
info... So question should she have to pay capital gains on a cash
inheritance. A friend that does taxes thought in the fact that the
executors of the trust her sister and husband did not like my girl

[@kirtir91]

The Big Exception here, If they inheritances coming to you from a non US resident person. Then the estate tax exclusion amount is drastically lower at $60,000. This is a huge sticker shock for many immigrants.

[@kirtir91]

Many thanks for all your informative videos!!

[@sahar1usa]

How should i go about 'receiving inheritance money from abroad ?

[@marlonconway9170]

Great channel! Please help me see my issue better. Can I protect my inheritance (single family home) from my ton of student loan debt (income based repayment)? Thanks.

[@michaeldaviesspanishinheri3734]

Great videos . If you ever have clients with assets in Spain , it would be great to collaborate

[@italaydavis5997]

My uncle stole my inheritance and I am a single mother of 5 kids I’m currently sleeping in my car is there some advice you can give to me that can help me get my stolen stocks and bonds that my grandmother left to me

[@Alil2real]

If I have a few questions. My father just passed last week. I'd love to talk to you. Maybe get your help. I can cash app you. Don't know what I'm doing and have the state and county harassing me daily

[@AnnMitt]

Hope you circle back on the estate tax and step-up basis after the DC rats pass the tax increase plan this summer 2021.