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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3122
Experience:  IRS licensed Enrolled Agent and tax instructor
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If a person dies with substantial assets and leaves this

Customer Question

If a person dies with substantial assets and leaves this amount to her children in her will, but meanwhile another relative steps up and starts to care for her by telling lies and having her sign over all of her property to this person. By the way she died of BRAIN CANCER, does this intruder owe the IRS monies from what she had signed over to her, Her assets were above $600 thousand when she became ill, all of which was taken by this other person.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

It depends when and how the asset was transferred. If the total asset is less than 5.43M there's no estate tax and inheritance (if the asset was transfer after the original owner death) is generally nontaxable. Retirement accounts funded with pretax money like pension or 401K are exception. If the person inherited such account, the distribution will be taxable.

Expert:  emc011075 replied 1 year ago.

Any questions? Is there anything else I can help you with today?

Expert:  emc011075 replied 1 year ago.

Joyce, I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.