Do you need to pay taxes on money given to you in a will? 03.20.2023
A guest on ABC10’s Dollars and Sense segment, Joseph explained the four different taxes people need to be aware of when they inherit money through an estate, revocable trust, or will: estate taxes, gift taxes, inheritance taxes, and income taxes.
“Nine times out of 10, when you inherit money – be it from a friend, be it from a family member, doesn’t matter— the act of…inheriting it is not taxable to the beneficiary,” said Eschleman.
There’s more, of course, to the story. Click on the video below to watch Joseph in the ABC10 video, or reach out to us here at Towerpoint Wealth to discuss any questions you have related to your estate planning, estate taxes, or income taxes.