Estate Law Questions? Ask an Estate Lawyer.
Thank you for using JustAnswer. I am researching your issue and will respond shortly.
What state is this in, and what is the amount that would be transferred to him?
New York, $10K
No, he would not owe anything. NY does have an estate tax, but only for estates over a million. NY does not have an inheritance tax (a tax on individuals receiving an inheritance).
Now any interest earned on the account would owe taxes from your estate (basic income taxes for the interest) but he would not owe anything.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
Thanks, XXXXX XXXXX good luck to you!