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Gaudy Law



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Do I have to pay taxes on my inheritance once received?

This is a great question for a CPA. In most cases, you are not paying income tax on inheritance. It’s not income to you, and it doesn’t rise to the level of the estate tax. But definitely talk to your CPA about this.

There are other tax issues, like property taxes and sometimes capital gains tax issues that can arise. So we have a really good CPA that we recommend to folks. We always try to keep the family CPA involved because they know the family and case better than anyone but they may not do the estate tax returns that sometimes need to be done.

Ultimately, we want our clients to have the best person and team that we trust, and that is what we have.

  • What is probate and do I need it?

    What is probate? This is the most common question we get. Probate is three things: it’s a code, it’s a process, and it’s the name of the court. It is […]

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  • Do I need a lawyer if my parents died with a trust?

    My parents passed away with a trust. Do I still need a lawyer? Typically, the answer to that is no thankfully. It can be a long and expensive process to […]

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  • I’ve been appointed as administrator or executor of the probate. What happens next?

    I’m newly appointed as the executor of my probate with the courts. What is the next step in the probate process? Once appointed, the court will issue letters of administration […]

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