I live in N.H. and my father has just passed away. He has left me part of his estate. He is married and I have one brother. The estate is to be divided as follows. his spouse is to get 50% of all assets and my brother and I are to get 25% each. his total assets are as follows. approximately $1,300,000 in his stock and mutual fund portfolio. $900,000 in his ira. $60,000 in savings and approximately $500,000 between two houses which he may still owe $50,000. what kind of taxes and can I expect to pay for my share of his estate. any information would be greatly appreciated. thanks

CaptainForest

The Executor of the will, will use the cash of 60,000 to pay off the 50,000 debt.

Then the Executor will split the rest 50/25/25.

I am not familiar with NH inheritance tax laws.

Fr_Chuck

I understand many of the national taxes were or perhaps still are suspended. I do not know if they have come back and if so, when.

but with any estate of that size, first the administor should hopfully be an approved estate attorney. But you should also have your own tax attorney to review your situation specificly.

And of course never forget to include your church or place of worship in your plans

AtlantaTaxExpert

Mcj63:

For an estate of that size, there will be federal estate taxes and NH death/inheritance taxes.

The estate will hire a competent tax professional to calculate these taxes and file the required returns.

mcj63

thanks for the help. i have read that anything that his spouse receives is not taxable. is this true? and if so, is there a $2,000,000 tax exemption in 2006 for the remaining amount of his estate?

AtlantaTaxExpert

Mcj63:

It is true that there is an unlimited exemption for assets transferred to the spouse, so it is possible that no taxes will be due.

Regardless, the estate still must file the estate and death/inheritance tax returns.