How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

My nephew who passed away 11 years ago left his assets to

Customer Question

My nephew who passed away 11 years ago left his assets to his mother who passed
away four years ago. A defunct fund has now indicated that his estate is entitled to
appprox $6000. I as succeding admistrator have these questions:
Are estate taxes due and
Do I distribute the assets according to his mothers wishes in her will?
Submitted: 10 months ago.
Category: Tax
Expert:  Mark Taylor replied 10 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 10 months ago.

Since your mother inherited the assets, you would distribute the assets according to your mother's wishes.

Expert:  Mark Taylor replied 10 months ago.

A few years ago the gift tax and estate tax exemption was combined. The current lifetime exemption is 5.45 million. If your mother's had not made any taxable gifts in the past and her estate is below 5.45 million then there would not be any estate taxes that are due.