By: Matthew M. Shafae, Attorney Litherland Law Firm Am I going to owe taxes if I inherit property? We get this question all the time. And we don’t blame you. It can get confusing. So, let’s see if we can clear up this issue. Let’s segregate the different taxes that might be owed, and then we can see if anything will be owed. Estate Tax The estate tax—or death tax, as it’s sometimes called—is a transfer tax on assets transferred from someone who died to someone who is living. The tax … [Read more...] about Am I going to owe taxes if I inherit property?
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law The “T-word” usually makes our eyes glaze over and we picture an overworked accountant wearing a green eyeshade crunching a bunch of numbers for us every April. Well, unfortunately, I can’t make them go away, but I can attempt to explain how taxes may impact your estate planning. Within the context of your estate plan, there are typically three main taxes that are relevant: the estate tax, the income … [Read more...] about Sorting Through the Taxes That May Impact Your Estate Plan