When an individual is named a beneficiary of someone else’s estate in California, they may not exactly be sure of much other than they are inheriting something. Sometimes, beneficiaries are very young children and aren’t actually aware of what a beneficiary is. If you have been named a beneficiary, you may want to consult with an experienced estate administration attorney who can assess your particular situation and guide you accordingly.
One question that beneficiaries often is in regards to an inheritance tax. In California, beneficiaries are not subject to an inheritance tax. However, if the beneficiary is not a resident of California but the decedent is, the beneficiary may be subject to certain inheritance taxes in their state of residence. It is important to be aware that there may be other tax obligations, which must be addressed before any inheritance can be distributed to beneficiaries.
If a beneficiary is under the age of 18, they may need to have their inheritance assigned a guardian to hold the money until they are of a certain age. This is usually only the case when the minor child has inherited more than $5,000.
If you are the beneficiary of a loved one’s estate, it is important to make sure you have the appropriate legal representation if disputes arise. Contact our firm today for quality legal guidance.
Working with an experienced estate planning attorney like Jaci Feldman (of the Woodland Hills, California, Law Office of Yacoba Ann Feldman) will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman for a consultation today.
