Whether or not a beneficiary listed in a Last Will and Testament pays taxes on the assets provided in that Will depends on whether the decedent\’s estate is of sufficient value that estate taxes (be they federal, state or local) will be levied upon the transfer of the property.
The short answer is, it depends upon the value of the estate.
But candidly, such an issue is better addressed by a person in the financial sector vs. the legal industry.
Generally, if the maker of a Last Will and Testament has an estate with a value of over $1 million, it is unquestionably worthwhile to sit down with a professional financial planner or CPA to discuss the options available during the estate planning / Will-writing process.
If a person has an estate that is worth less than $1 million, there may still be some estate tax consequences, but they will be minimal — especially if assets are to be divided among many beneficiaries.
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