He is in TN; Grandma is in FL. He’s been informed he will inherit around $500k. Generally speaking, what percent of that can he expect to walk away with? Will it be taxed as income? (He earns around $125k/year, 4 dependents.) He plans to park it all in real estate.
TN has no Inheritance tax and federal is exempt to over 12 million. FL also has no tax.
It’s under the cutoff for any federal estate tax (they’d have to be multimillionaires to the tune of 11.7$ – very common misconception that federal taxes affect any non millionaires)
Not sure how the states shake out
Federal has no inheritance tax. Federal has estate tax, but with $12 million exemption. TN has no inheritance tax nor estate tax. FL also has no inheritance tax nor estate tax. ([source](https://taxfoundation.org/state-estate-tax-inheritance-tax-2022/)). Nobody’s gonna get taxed.
It depends on what exactly is a part of the inheritance. Inherited retirement accounts may have tax implications depending on what kind of contributions are in them and your specific circumstance.
Please read the windfall article in the wiki. As well as the flow chart. For guidance on how best to preserve the momey
buy cialis canada pharmacy We were on the education committee together