parents inheritance to living siblings and grand children?
469442
Parents can leave any inheritance that they want to.  There is not a set percentage.
649177
There's a lesson to be learn from here. To avoid your future family going through the same mess, get a will. Sorry to hear your mom pass away, but if she had a will, your family wouldn't be so frustrated on who should get what.\n\nIn life insurance, all the name beneficiaries on the policy are paid equal amounts. So there's really nothing to fight about on this topic.
34290
Most states have a statutory scheme for intestate distribution (to die intestate is to die without a will).\n\nThey typically include a long, long laundry list of people that will be first in line for distribution going in some cases to second or third cousins, great great neices or nephews, etc.  Typically the last name on the list is the State if there are no other living relatives
647864
First of all, it depends on when you inherited it and when you are selling it.\n\nYour "basis" in the property is what it was worth at the time of the death of the person you inherited it from.\n\nIf that was a while ago, the property may have increased in value.  If it was recently, or in an area not experiencing increased value since you inherited, it may be at or near the same value as your "basis" at the time of their death.\n\nThe difference between your "basis" and the current sales price of the property is called the "capital gain" and it is all that you will be taxed on.\n\nEXAMPLES  \n\nIf value @ death was $35,000.00 and you are selling for $35,000.00 - NO TAX (no gain because the basis is as same as the sales price)\n\nIf value @ death was $25,000.00 and you are selling for $35,000.00 - $10,000 Taxable Capital Gain\n\nAs for the tax rates, that is where my expertise pretty much ends.\n\nThere are Long Term Capital Gains and Short Term Capital Gains, and I do not know the length of time for each, nor whether or not there is a difference because the property was inherited and not purchased.  They are taxed at different rates, and those rates have nothing to do with your income level or any other particulars other than the time the capital asset (the property) was held by you. \n\nFor this you will need to speak to an accountant or tax advisor, but I hope you have a better understanding now of what questions to ask to get a complete answer from them.\n\nGood luck and take care.
736318
Hello\n\nIf she buys a second home then gives it to someone else in your family, or she gives someone else in your family the money to buy a home; and she dies within 7 years, then inheritance tax may be payable.\n\nIf the total value of her estate, which includes all: property, cars, assets, cash, etc... exceeds £263,000; then 40% tax must be paid on the rest.\n\nIf shes gives away a gift (home, cash, etc...) then lives for 7 years then it is safe from inheritace tax.\n\n\nFor example: \nScenario a)\n - she gives you a £150,000 house;\n - she has another home worth £150,000; \n - she has £63,000 in funds in the bank; and\n - she dies in 6 years.\n\nTotal value of estate: £363,000.\nInheritance tax allowance: £263,000.\nTaxable amount after allowance: £100,000.\nTotal inheritance tax payable: £40,000.\n\nScenario b)\n - she gives you a £150,000 house;\n - she has another home worth £150,000;  \n - she has £63,000 in funds in the bank; and\n - she dies in 10 years.\n\nTotal value of estate: £213,000.\nInheritance tax allowance: £263,000.\nTaxable amount after allowance: £0.\nTotal inheritance tax payable: £0.\n\n\nThanks
412035
I am assuming that you are a Hindu.  If that's the case, the Hindu Succession Act of 1956 applies to you.  I am also assuming that your parents died intestate (that is did not leave any will).  You certainly can file a suit for getting your share of assets and the compensation for income enjoyed by your brother.  I would think that you should apply for a partition of your property.\n\n\nHere's the relevant section of the law that applies:-\n\n10  Distribution of property among heirs in class I of the Schedule\n\nThe property of an intestate shall be divided among the heirs in class I of the Schedule in accordance with the following rules:\n\nRule 1-The intestate’s widow, or if there are more widows than one, all the widows together, shall take one share.\n\nRule 2-The surviving sons and daughters and the mother of the intestate shall each take one share.\n\nRule 3-The heirs in the branch of each pre-deceased son or each pre-deceased daughter of the intestate shall take between them one share.\n\nRule 4-The distribution of the share referred to in Rule 3-\n\n    (i) among the heirs in the branch of the pre-deceased son shall be so made that his widow (or widows together) and the surviving sons and daughters get equal portions; and the branch of his predeceased sons gets the same portion;\n\n    (ii) among the heirs in the branch of the pre-deceased daughter shall be so made that the surviving sons and daughters get equal portions.\n\nI am a Chartered Accountant from India.
973229
Generally speaking, if "inheritance tax" is due, it is paid by the decedent's estate before the assets are passed to the heirs; keep in mind, though, that the earnings on your inheritance, such as interest and dividends, will become part of your taxable income once the assets are transferred to you personally.  If in doubt, please contact a qualified tax professional.
512083
Go to the site below and click on the state the inheritance would be in and see if you have anything.  It is worth a try.
1007956
Get to an elder law attorney TODAY to make sure that you can take this money in such a way that it is not reachable by Medicaid liens.  You may have to disclaim the inheritance (and you should if a Medicaid lien threatens to take a large portion of it).\n\nAnd, if a relative is on Medicaid, please, please see an elder law attorney to write your will in such a way that it doesn't hurt them.
774847
You have to find out of your grandmother has a will. Everything will go to whom ever she names. You will not be able to do anything about it.
276770
Be careful, if you are inheriting a deceased estate there may be some tax implications, depending on the assets in question. Speak to a tax accountant or financial planner for current advice. Better yet, speak to at least 2, that way you get a balanced opinion on the issue. \n\nCheers, L
821457
YES THEY LEGAL TAKER OF THE PROPERTIES OF THEIR GRAND MOTHER IF THEY ARE NOT HAVING FATHER.
218688
If there are children then yes, each parent should have a seperate will. Everyone has assets, and what to do with them needs to be specifically documented to avoid probate.
761763
From what I understand generally about estate law, your parents' debts should not roll over to you and your siblings when they pass away. However, if you or your siblings are co-owners or partners with your parents in any business enterprise or are gurantors to any loans taken by your parents, then yes, you may become liable to their debts when they pass away.\n\nIn short, you will not be liable for their liabilities unless you are somehow a party to the liability to begin with.
994475
You should speak with an Estate Planning Attorney:\n" to preserve your  estate in a manner that allows you, your surviving spouse and their children to have the use and benefit of their property and at the same time, protect it from creditors and estate taxes."
408396
Inheritance, and that is all by chance.
1018119
If there are a lot of assets to divide avoid all of the bickering between relatives leave it all to me.....LOL no but really find a good estate planning attorney or whatever type of attorney that handles such matters there are plenty of them out there. just do your will and final testament and keep him/his firm on retainer for any changes alterations of which I'm sure there Will be and clearly state your intentions to avoid legal battles after your passing