Q: Do heirs have to pay estate taxes on non-liquid assets?
A: If it is a Louisiana estate, Louisiana has no inheritance tax. As to Federal Estate Taxes, that threshhold is now $11M per individual, so few estates trigger that tax. Then, whether you will have to pay any income tax, or capital gains tax, depends on the nature of the inherited asset (for example, you may earn income, or have to pay taxes on certain financial accounts, or retirement accounts - depending on how they were funded). You should speak with your counsel, and your CPA, about your specific circumstances and the nature of the assets to better understand all potential tax consequences, but it is most likely, that you may not have to worry about an "estate tax."
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
