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Indiana estate taxes and other things

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  • Indiana estate taxes and other things

    My grandfather passed away last week. My mother has power of attorney. My grandmother is still alive, but in a nursing home. My grandfather and grandmother owned a house and some property as well as some junk cars/tractors/bulldozers that he worked on as "projects".

    Is there taxes involved on all of this since he died or does all this just pass to my grandmother? Sorry if this question seems so basic, but this is all new to me.

    Thanks,

  • #2
    If this was joint property with your grandmother, everything just transfers to her seamlessly. It doesn't become less her property because he passed. If he had a will and specifically left certain personal items to someone else, then those things would go to that person.

    Sorry to hear about your grandfather.
    I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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    • #3
      Indiana repealed its estate tax law effective January 1, 2013, so the estates of those who die after that date are not subject to it.
      I am not able to respond to private messages. Thanks!

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      • #4
        Originally posted by Marketeer View Post
        Indiana repealed its estate tax law effective January 1, 2013, so the estates of those who die after that date are not subject to it.
        My grandmother is in a nursing home. My mother has power of attorney.

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        • #5
          Power of attorney just means that your mother is authorized to make certain decisions on your grandmother's behalf under the terms of the POA. It does not erase your grandmother's overall rights as a person, not her ability to inherit/keep her possessions.
          I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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          • #6
            Originally posted by ElleMD View Post
            Power of attorney just means that your mother is authorized to make certain decisions on your grandmother's behalf under the terms of the POA. It does not erase your grandmother's overall rights as a person, not her ability to inherit/keep her possessions.
            What about my grandfather's personal property and land and other things that were solely in his name and not jointly with my grandmother? Someone told me that they are split between the ids and my grandmother. But I am not sure on that.

            Thanks,

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            • #7
              It depends on whether your grandfather had a will or not. If had a will, those assets are distributed based on the terms of the will. If he did not have a will, his estate is subject to Indiana's intestate succession law. There's a good summary here:

              http://www.nolo.com/legal-encycloped...n-indiana.html
              I am not able to respond to private messages. Thanks!

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              • #8
                For land, much like a house, the deed may be set up such that it passes to her upon his death, outside probate. Same with bank accounts. Otherwise, the above applies. As for random personal possessions like mementos and such, those would follow the rules above.
                I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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