Estate Law
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Answered in 10 minutes by:
8/28/2013
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 59,706
Experience: Texas lawyer for 30 years in Estate law
VerifiedThanks for your question and good evening.The annuities are taxable to you just as they were to the deceased person, your mother.This pays to you as a named beneficiary.Here is reference to the taxes that occur on inherited annuities.
You mother the original investor with an annuity turns over a sum of money, usually to an insurance company, that agrees to pay the investor a certain amount of money over a period of time. Some annuities begin immediately and some are deferred until some future event, such as the beneficiary reaching a certain age. Whether it is an immediate or deferred annuity, each part of the payment represents a return of the original investment, plus the earnings on the investment. The earnings from the annuity are taxable over the life of the payments.
http://www.ohioinsureplan.com/planning/estate-tax/
http://www.annuitybasics.com/inherited-annuity-help-or-hurt
I would contact your tax preparer here now.It may be possible to defer some of the taxes depending on the annuity.Overall you are going to owe taxes on this and you need the tax preparer to look at your previous taxes and income to see where this is going to put you tax bracket wise.This is the only way to avoid an ugly suprsie come the end of 2014.
I appreciate the chance to assist you tonight.Please let me knwo if you have more follow up.Thanks again.
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 59,706
Experience: Texas lawyer for 30 years in Estate law
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).
