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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55452
Experience:  29 years of experience practicing law, including tax and estate planning.
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My sister passed away and left me $128k from her life

Customer Question

My sister passed away and left me $128k from her life insurance. Do I need to file special taxes? Also, My mother passed away 1 year prior to my sister, my mother's will was for the house to be sold and divided between her 6 children. What happens to my sisters 1/6 th?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you this morning. Life insurance proceeds are not taxable to you. You have no tax obligation and no reporting obligation with respect to the receipt of life insurance proceeds. That money is all yours. Since your sister was alive at the time of your mother's death and survived your mother for 1 year, your sister's share of your mother's estate has vested in your sister and will pass pursuant to your sister's will even though your sister may have died before she actually received her share of your mother's inheritance.

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Customer: replied 1 year ago.
I was her beneficiary, we lived together for the last 25 years plus and I was her listed as her contact and all medical decisions and new what she wanted and carried out all of her wishes, do I get the money from my mother's estate?
Expert:  Richard replied 1 year ago.

Thanks for following up. If your sister had a will and she named you as beneficiary of her estate in her will, then yes, you will get the money from your mother's estate. If she had no will, then the Massachusetts intestate succession laws would apply. Those rules would mandate her share of your mother' estate would pass first to any surviving spouse and/or children of your sister; then if none, to any surviving parent, then, if none, divided among you and your siblings.