In the event that a loved one passes away and leaves possessions behind, including their financial assets, this is known as their estate. An estate is settled by distributing the assets to the deceased beneficiaries, the loved ones they left the belongings behind to. If you have been named as the beneficiary to someone’s estate, it is essential to work with a trusted attorney, like Mestayer Law Firm.
Estates and Inheritance Tax
Have you found yourself coming into a deceased loved one’s financial assets? This means they have named you as the beneficiary of their estate and whatever is left behind, goes to you. When dealing with estates, it is important to note that federal estate taxes, state estate taxes and state inheritances taxes are usually due from the estate within nine months after the date of death. These types of taxes are based on the value of the taxable estate and are paid before the deceased’s assets are given to their beneficiaries.
However, the federal estate tax has an exemption. If the taxable estate is below a certain amount of money, and the deceased did not use the amount for lifetime gifting, federal estate taxes may not be due.
If you have recently found yourself as the beneficiary of a deceased loved one’s estate and need help, contact our office.
Mestayer Law Firm provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi and Gulfport. If you are making plans for your estate, then contact us today and let us help take care of every detail of your finances. Call us today at 228-762-1193 or visit www.pascagoulalaw.com. We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi.
We look forward to talking with you!
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This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.