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    lisashomeoffice's Avatar
    lisashomeoffice Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 30, 2009, 03:42 AM
    CA death and inheritance.
    I live in northern CA and I am not familiar with the tax laws regarding deaths & inheritance. You probably get this question frequently, but I will ask anyway and hope that I can get an answer. My husband (age 62) died in September, this year. His mother left him a trust fund before she died. He has never spent the money and it is being held by a trustee. My question is: How much of this money will go to the IRS and other state taxes, etc. He was left $50,000. Is there anyway to get around paying the IRS? If there is, can you tell me. He had no property, stocks, bonds, or anything else. I hear that they (IRS) take half of the inheritance.
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
    		  
    #2

    Nov 30, 2009, 04:04 PM

    Its not how much the trust left behind on its own marrit but it's a total package deal. The amount for taxation has to exceed I believe $250,000 before the IRS steps in. That is a total amount of value based upon the entire estate. Also if your home was owned in " joint " and you need to change the title be sure to state the reasons or your property taxes may skyrocket. Sorry for your husbands passing.
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