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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35833
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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How should it take for a taxable estate inheritance, I'm not

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how long should it take for a taxable estate inheritance
JA: Estate laws vary by state. What state are you in?
Customer: Virginia
JA: What documents or supporting evidence do you have?
Customer: I'm not sure I understand...I'm asking this question because my husband and I are not getting straight answers from my brother-in-laws lawyer. My brother-in-law passed away in March
JA: Anything else you want the lawyer to know before I connect you?
Customer: I should probably wait for my husband to return...I'm not very good with this...I was just wanting to get peace of mind. May I contact you back when he returns?

Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Can you tell me how long it has been since the estate was opened in the local probate court?.

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thanks

Barrister

There is a 6 month mandatory "creditor claims" waiting period in VA for any creditor to submit a claim. So no assets would be distributed before that time. Assuming that the estate was filed in April, that puts the 6 month period at around the end of this month. Then the executor has to file all income and estate tax returns and get clearances from the IRS and state..

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So in VA a typical time frame for an estate is around a year if everyone is pursuing things as quickly as possible.

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thanks

Barrister

Customer: replied 6 months ago.
I'm not sure,I will need to wait for my husband he is out at the moment.

There is a 6 month mandatory "creditor claims" waiting period in VA for any creditor to submit a claim. So no assets would be distributed before that time. Assuming that the estate was filed in April, that puts the 6 month period at around the end of this month. Then the executor has to file all income and estate tax returns and get clearances from the IRS and state..

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So in VA a typical time frame for an estate is around a year if everyone is pursuing things as quickly as possible.

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thanks

Barrister

Customer: replied 6 months ago.
Alright that helps. May I ask- how much taxes would we pay on a taxable IRA around 600,000.00 account?

Honestly, that is more of a tax question than a legal one and I am definitely not a tax expert.. But I believe you can transfer it into an Inherited IRA and let it grow while taking out any required minimum distributions, or cash it out and pay normal income taxes on it..

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But don't hold me to that because that is a question best suited for a tax expert...and we have them here on the site..

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thanks

Barrister

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