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

Customer Question
his mother who passed away four...
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: 1 year ago.Category: Tax
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Answered in 3 minutes by:
9/8/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,393
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

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