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Reply to "How do you inherit money?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My mom didn't own a home and every single bank account and pension listed me as a beneficiary so everything was easy. I distributed things equally between myself and my brothers.[/quote] Wouldn't you have to pay taxes when you gifted money from you to your siblings? OP[/quote] Unless you are getting enough to trigger the estate tax, inheritances aren't taxable. The path it took to get to you doesn't really matter.[/quote] Wrong. Op was the beneficiary only. The accounts with listed beneficiaries do not go through probate. Therefore she gifted Money to siblings subject to gift tax if amount over threshold. [/quote] This is OP. I wasn't the only beneficiary. That was someone else talking about that. My parent hasn't died yet. OP[/quote]
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