My question involves estate proceedings in the state of: NY/NJ
Person A will be getting an inheritance of just over $1m. The decedent is in NY and has never owned property in NJ. Person A lives in NJ.
The estate is valued at over $5m. Person A and Person B will be getting the same amount of money left to them. Person C will be getting money too, but not as much. Institution X will be getting the bulk of the estate.
1. What is Person A's tax liability (state and federal) if any, and in which state would Person A have to pay taxes?
2. If taxes need to be paid, are they paid based on the total amount of the estate or on the inheritance amount only?
Person A will be getting an inheritance of just over $1m. The decedent is in NY and has never owned property in NJ. Person A lives in NJ.
The estate is valued at over $5m. Person A and Person B will be getting the same amount of money left to them. Person C will be getting money too, but not as much. Institution X will be getting the bulk of the estate.
1. What is Person A's tax liability (state and federal) if any, and in which state would Person A have to pay taxes?
2. If taxes need to be paid, are they paid based on the total amount of the estate or on the inheritance amount only?
Estate Planning Strategies: Decendent's Estate in Ny, Beneficiary in New Jersey - Tax Liability
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