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I live in Michigan. My sister died this past May and I am in…

Hi - I live...

Hi - I live in Michigan. My sister died this past May and I am in charge of the money left over in her disability account as she received a sum from the military for past abuse. It has paid off her bills and is divided between me and my other sister. Do we have to pay any taxes, federal or state, on this?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

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Answered in 5 minutes by:
3/28/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,103
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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I am working on your answer now. I am sorry for the delay. It takes some time to prepare a complete answer. Please note the phone call requests are generated automatically from the system. I do not control them.

Thank you for your patience and understanding.

Kind regards,

Gerald

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Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with over 30 years of experience; I hope to provide you information that will help you in resolving your question.

It is VERY unlikely that you have any tax obligations on this money.

There is no income tax on any inherited money.

Michigan does not have an inheritance tax that applies to your situation.

The US Inheritance tax does not apply unless the amount of the estate exceeds $5 million dollars.

There is no local inheritance tax.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,103
Experience: Over 30 years of experience.
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Thank you.

You are very welcome. Thank you.

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