Do You Have to Pay Tax on a Large Inheritance

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Do you have to pay taxes on a large inheritance? From cash and a house to retirement accounts and life insurance policies, here is what you need to know about inheritance taxes.

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
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Illinois has an inheritance tax on the entire value of the estate above $4M, tax is 16% on everything above $4M. That's the easy answer. The property has to be appraised, stocks appraised, contents of buildings appraised, cars appraised, etc.

glennmccarthy
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The federal estate tax, if any, is paid by the estate, not by the inheritor. It may feel like you are paying that tax, but technically you are not.

todddunn
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Securities and Cash a rough guess would be between 45 & 60 million and the State of Louisiana Unclaimed Funds sent a claim form for me to print out and sign. I did so six weeks ago so for the only thing that has come in the mail is what I owe in back child support and we are using the Federal Administration Offset Process to claim it. Do you have any advice. Shane D.

cajunoneforchrist