The major amount of his estate is his pension and will be divided between me and my brothers. I know we will individually have to pay income tax on this but will we have to pay estate tax? The state we are dealing with is Connecticut.
2007-01-06 16:58:14 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You need to get an attorney before any money changes hands. It may be that an estate return must be filed, it is impossible to say. He may need a final federal tax return as well.
How you handle the distribution of the pension money could have large tax implications, so professional guidance is needed.
2007-01-06 17:26:59 · answer #1 · answered by ninasgramma 7 · 3⤊ 0⤋
get an attorney that specializes in this field, do not listen to anyones opinions.
2007-01-07 01:01:49 · answer #2 · answered by Anonymous · 4⤊ 0⤋
get a good tax advisor lawyer - and you probably won't need to
2007-01-07 13:43:06 · answer #3 · answered by Anonymous · 0⤊ 1⤋