Wills and Living Wills

questions & answers

Question: I have inherited $50000 from a neighbor I cared for. Do I have to pay any taxes on this income? Would I be able to ask estate to pay down my mortgage directly or do I have to receive money and do it myself.

Answer: There is no estate tax in Arizona.  Go to: https://www.azdor.gov/portals/0/brochure/900.pdf to read what the Dept. of Revenue says.  You may want to contact an attorney to see if the estate can pay down your mortgage.

QUESTIONS

  • I have inherited $50000 from a neighbor I cared for. Do I have to pay any taxes on this income? Would I be able to ask estate to pay down my mortgage directly or do I have to receive money and do it myself.

STORIES

  • If you get a divorce, make sure your date of birth is on the Decree if your name is changing!. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .

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