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My mother has terminal cancer. I am listed as secondary on…

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My mother has terminal...

My mother has terminal cancer. I am listed as secondary on her house, car and bank accounts. When she passes away will this all go to probate and inheritance taxes be assessed? I don't know what to do.

Accountant's Assistant: What state is this in? And how old is the car?

Missouri and the car is a 96.

Accountant's Assistant: Has anything been filed or reported?

Not that I know of. She and my father paid cash for everything.

Submitted: 4 months ago.Category: Tax
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Answered in 5 minutes by:
12/20/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,996
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

...

First, unless your mother has given away more than $5,490,000 during her life (that number is ***** doubled for those dying in 2018) there will be no Federal estate tax. And unless you live in one of the six states left with an inheritance tax, there IS no inheritance tax at all.

...

Of the six states with inheritance taxes, Kentucky and New Jersey have the highest top rates at 16 percent. Maryland imposes the lowest top rate at 10 percent. All six states exempt spouses, and some fully or partially exempt immediate relatives.

...

And, Since there is no longer a federal credit for state estate taxes on the federal estate tax return, there is no longer basis for the Missouri estate tax. Missouri has neither an estate tax – a tax paid by the estate, nor an inheritance tax – a tax paid by a recipient of a gift from an estate.

...

SO you're fine there ... and if these asset are all with (1) jointly owned, or (2) have beneficiary designations, there will be no probate either

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

So, again, no estate or inheritance at all becasue you're in Missouri, and unless the estate is over 5 million (10 million if she passes in 2018) no federal tax.

...

You MAY have to go through probate, but for those things that are owned jointly, those things will pass to you OUTSIDE of probate... You'll just need to show a death certificate.

...

And if you do need to go through probate her will sill designate where things go and if there's no will, then things will go to the next of kin.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" (you may have to scroll up to see the stars, OR look to one side or the other if you’re on a device, such as a phone or tablet) – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

..

But again, if you need more on this, or if I've not understood your question correctly, please let me know.

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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