Estate Tax

[Mdwchick]

My Mother just died on 3/12/2015. I am the youngest if 5 daughters I am on the will and named on the Trust to receive the principal residence, I lived with my Mother. The remaining estate which consists of monies is distributed among the remaining 4 Daughters. Who is responsible for estate taxes? All 5 daughters? Also the jewelry is all specified in the will to 5 daughters can those items be used to pay estate taxes? I say no? Since I am
Inheriting property only am I also responsible for estate tax? Thank you hoping for a great answer!!!

 

[army judge]

My Mother just died on 3/12/2015. I am the youngest if 5 daughters I am on the will and named on the Trust to receive the principal residence, I lived with my Mother. The remaining estate which consists of monies is distributed among the remaining 4 Daughters. Who is responsible for estate taxes? All 5 daughters? Also the jewelry is all specified in the will to 5 daughters can those items be used to pay estate taxes? I say no? Since I am
Inheriting property only am I also responsible for estate tax? Thank you hoping for a great answer!!!

There is no one answer that will fit everyone.
Yes, estate taxes, inheritance taxes, and probate fees will be charged.
Plus, the IRS will peek its nose under the tent, looking for tax money.
I suggest each sibling hire an estate attorney, perhaps even a tax lawyer or CPA, too; because there will be many considerations.
In some cases, after seeking tax advice, people choose NOT to take the asset(s).
Why? The tax situation is very complex, and there is far more to consider than probate fees and taxes.
In many states, the state will also want a piece of your pie.
These days, counties, townships, and municipalities also want some pie.