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.

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  • State Bar of Arizona
    www.azbar.org
  • Maricopa County Bar
    www.maricopabar.org
    Referral number 602-257-4434
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    www.pimacountybar.org
    Referral number 520-623-4625
  • National Domestic Violence Hotline
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  • Certified Legal Document Preparer Program
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