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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53669
Experience:  29 years of experience as a tax, real estate, and business attorney.
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A parent has passed away w/o a will. she had an annuity account,

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A parent has passed away w/o a will. she had an annuity account, Brokerage account and stocks all with her only adult child as beneficiary. Is there any tax on this "inheritance" ?
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good afternoon. These assets will pass to her only child as the designated beneficiary notwithstanding the lack of a will. They are included in her estate, however, but will only be subject to an estate tax if the total value is high. The annuity could be subject to some income tax, the amount of which will depend upon whether the money going into the annuity was put there pre-tax or post-tax.



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