Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

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

Customer Question
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: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
12/20/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,520
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

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 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.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 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.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,520
13,520 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I need a state of Illinois inheritance tax waiver form. This
I need a state of Illinois inheritance tax waiver form. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
I was audited for my federal tax return in 2014 and I
I was audited for my federal tax return in 2014 and I submitted all the requested info and the irs decided there was no extra tax to pay. I just received another audit for the year 2015 for the same i… read more
abci168
abci168
Principal
27 satisfied customers
Is there an estate tax for a non resident alien for money he
Is there an estate tax for a non resident alien for money he has in a US bank savings account when the descendant is also a non resident alien?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,353 satisfied customers
I am a non profit that was given a federal grant it say it
I am a non profit that was given a federal grant it say it will cover fringe benefits like federal taxes, social security and medicare how do i pay employee legally … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How can I get a copy of my 2016 1099-R federal tax return so
how can I get a copy of my 2016 1099-R federal tax return so I can compleat my 2017 taxs … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,520 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
What is the federal income tax exemption for a single tax
What is the federal income tax exemption for a single tax payer for 2017? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Is there federal tax on inheritance of $20,000? I am retired
I am retired and have social security and a small pension. My sister passed and left me about $20,000 last year. … read more
abci168
abci168
Principal
27 satisfied customers
I received email stating that our 2017 federal tax return
I received email stating that our 2017 federal tax return prepared via TurboTax had been completed and filed and accepted by the IRS but no refund amount was stated therefore current refund amount and… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
Trying to determine the tax status of a non profit group. We
trying to determine the tax status of a non profit group … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,520 satisfied customers
My mother died in Illinois. On the federal estate tax return
My mother died in Illinois. On the federal estate tax return she has 3.9 million adjusted gross estate and 1.5 million in taxable gifts made in 2010 and 1.7 million in unused exemption from my father'… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,520 satisfied customers
Is there inheritance tax in California. I cousin of my mom
I cousin of my mom died in California. He did not have a will. So we are heirs since my mom has already passed away. Do we have to pay taxes on the funds that we received? … read more
Carter McBride
Carter McBride
LLM
473 satisfied customers
Does trump's tax reform on estate tax exemption effect
Does trump's tax reform on estate tax exemption effect non-residents who used to have a exemption of only 60k? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
I am helping my sister in law file a PA inheritance tax
I am helping my sister in law file a PA inheritance tax return form PA-1500. My question however is federal. There was an IRA without a beneficiary that was distributed to the estate and will be distr… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I would like to start a non profit (tax exempt). I am
I would like to start a non profit (tax exempt). I am located in Idaho. The main reason for the non profit will be to help people in need, like the poor and needy with humanitarian services and produc… read more
taxmanrog
taxmanrog
Master\u0027s Degree
819 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x