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What is inheritance tax?

What are the Inheritance tax for spouces for 2011? I know it is 0% for 2010. If my husband dies, and his nam?

  • What are the Inheritance tax for spouces for 2011? I know it is 0% for 2010. If my husband dies, and his name is the only name on the mortgage and deed of the house, do I (wife, 100% beneficiary) have to pay taxes in order to keep our house with new tax code for 2011? Thank you!

  • Answer:

    There has always been an unlimited exemption for spousal inheritance. Nothing changes there next year.

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There are a number of variables that should be considered before giving you a precise answer. No one really knows what 2011 and beyond will bring. At the moment the 2011 estate tax exemption will be 1 million dollars. If your husbands entire estate is worth less than that don't worry about anything. If it is more than that and he is still alive on 1/1/2011 make an appointment with an estate attorney for say 1/2/2011.

what you really need to do is submit a quit claim deed and add yourself as joint tenant on the property there is no inheritance tax but you may have to go thru probate if this property is of some great value as yet, 2011 tax code hasn't been published

This is a GREAT question! You should talk to a financial lawyer. There are many questions that go along with yours such as the value, capital gains, inheritance tax etc etc.

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