Will There Be Taxes?

[seniorhelp]

I am 78 yrs old. i live in my own home which is completely paid for. I live on social security and in this way am able to pay my property taxes. i am not in the best of health therefore difficult looking for a lawyer in my immediate area. I am interested in knowing this - if i should die, and my children inherit all that i own, without a will, will they be obligated to pay any taxes on what i leave them? My biggest asset is my home, which i am living in. according to property tax figures, the market value of my home is about $600,000. Will my children have to pay any taxes after my death or any other obligation?

 

[Theresagail]

Yes, one thing that is certian in life if death and taxes, they will have to pay the yearly taxes ont he home as you do.

 

[Duranie]

yes, someone has to pay taxes and the tax liability does not go away when someone dies. If nobody pays the taxes then the house eventually goes to auction. If they cannot afford the taxes then the house will have to be sold or they will somehow have to figure out a way to pay the taxes. If thereis no mortgage on the home then maybe the tax bill is reasonable since there is nothing else to pay.

 

[seniorhelp]

when you say "yearly taxes", you are referring to real estate property taxes, is this correct?

Someone mentioned to me estate taxes -- i am surprised that no one on this forum brought this up.

 

[seniorhelp]

Once again, i believe you are referring to Property Taxes when you write "taxes." -- Is this correct?

There are many different types of taxes -- I realize when people own property there are yearly taxes called Real Estate or Property taxes paid to your local government. I am concerned about OTHER taxes -- because my children will be in possession of a property they are not in possession of now while I am alive -- there might be surprises -- it would be considered an asset and because they have this asset, they might have to pay a one-time tax on this.
I am sorry if I am vague, but I am trying to prevent any future surprises for my children -- I have great children, by the way. Because someone mentioned this in conversation, my wheels began to spin. If unable to clear this up, I might have to hire someone to hire for me an attorney -- i cannot do this by myself.

By the way, Duranie, you say that you are not an attorney -- I appreciate the honesty. But under your name it writes, TL Chief justice Supreme Court -- what gives?

 

[Theresagail]

I never thought of that-- and I don't even know on that one-- I would think that if your heirs sold the property @ that time the estate taxes would go into effect on the amount of the purchase price, however I am not sure, because homes are not like cars there is no sales tax on them. I would call a CPA and ask that question, usually if you just call and ask a question they will tell you right over the phone (H&R Block) Sorry. I asked my co worker and she was stumped too, I really think it would just be the yearly property tax. Try to call the tax place or even the state tax commission and see what they say

 

[Duranie]

senior help, I have no idea how that TL Chielf justice is something this website gives you after so many posts. It has nothing to do with an actual legal title-sorry.

You really should see a probate attorney. Estate taxes can be eliminated or reduced via a trust. You might want to inquire on putting the house in a trust and how you can minimize tax penalties for your loved ones.

Does this answer your question?

 

[seniorhelp]

To All of You -- Thank you -- you've helped somewhat -- i'll continue doing research and see what i can come up with -- you're right about calling an attorney's office or a tax office -- i'll go that route -- i'll get the answer. Because you yourselves have not brought up estate taxes, i might be worried for nothing -- in any event, i am way more relieved now than when i started this road -- thank you all again.