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    mommawind's Avatar
    mommawind Posts: 1, Reputation: 1
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    #1

    Nov 30, 2017, 09:53 AM
    I live in Michigan. Will my inheritance from my mother be taxed?
    I am a Michigan resident and my mother recently passed away. I have been willed a 1/3 of her estate. There is a Discretionary Trust which was set up in 2010 while I was a resident in a Nursing Home. I have recently moved into independent living, but my mother could not get to her law office to change my trust status so I believe that it stands. Her financial advisor, however, called me yesterday and told me that my 1/3 of the life insurance and my 1/3 of the mutual funds will be sent to me directly in check form. Are either one of these taxable in any way? Thank you for your attention.
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Nov 30, 2017, 01:42 PM
    Apparently not. Read this link. Any investment gains after you receive the money will be taxable.
    Michigan Estate Taxes - 2017 Michigan Inheritance Taxes Guide
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Dec 1, 2017, 01:00 AM
    I believe that, for sure, the LIEF Insurance proceeds will NOT be taxable.

    The mutual fund investment gains MAY be taxable at the federal level, but probably. I would have to look at the trust instrumnet to be sure.
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