Posted on: 01st Oct, 2010 10:41 am
What is Death tax and how does it affect a house that my grandmother left my mom and siblings?
Welcome mermaid,
The estate tax is also known as the death tax. It is a tax imposed on the transfer of any "taxable estate" of a deceased person irrespective of the fact whether or not the property is transferred via will or from an intestate estate or trust, or the payment of certain life insurance benefits or financial benefits to concerned beneficiaries. Your mother and your siblings will have to pay taxes as and when required.
The estate tax is also known as the death tax. It is a tax imposed on the transfer of any "taxable estate" of a deceased person irrespective of the fact whether or not the property is transferred via will or from an intestate estate or trust, or the payment of certain life insurance benefits or financial benefits to concerned beneficiaries. Your mother and your siblings will have to pay taxes as and when required.