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Inheritance Tax......
- Thread starter mo_rizwan
- Start date
Justthefacts
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I think it works like this. When a person dies and leaves some money to someone the money left behind is taxed. You being from London you probably remember the money Diana left for her boys was taxed mightily. That is why some folks don't leave a will they kind leave stuff under the table to folks. Yes, it is true the IRS reaches into your pocket even when you are long gone
How does it work?
What do you want to know? Of course by US Law I am not permited to practice law (yet) but I can explain how it works in the United States if this will help...
mo_rizwan
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But what if it's been inherited to me through another country?
Actually, I would love to learn the US Law if you care to share the info
Dear Mo_Rizon,
It would be my pleasure, anything I can do to help you understand the legal terms/process. The law is very intriguing and complex at times, my favorites are Constitutional, Contract, Global, Political, and Social.
Since I live in and study in Ohio I am going to to explain the basics of the rules and regulations of Ohio. Keep in mind that each state has their own set of Legislative guidelines/laws that the courts, state, local governments useas their guidlines. Should an attorney wish to practice in another state other than the one they are licensed in, they must take the Bar Exam for that state to be able to practice in that state.
Ohio has what is called the Ohio Revised Code (ORC) which are defined as the rules & regulations that the courts, state, and local govenments of the State of Ohio follow as a guide.
* The Ohio Revised Code contains all acts passed by the Ohio General Assembly and signed by the governor . The Ohio Revised Code replaced the Ohio General Code in 1953. However the current organization and form of the Ohio Revised Code Title 29 (Crimes) was completely re-written and issued into law by the General Assembly in 1974. (Wikipedia)
According to the Ohio Revised Code (ORC) Title 57 Chapter 5731: Estate Tax defines “everything one would need to know” about Probate Law in Ohio = Wills:Testate:with a will, Intestate:without a will, Inheritance, Trusts, Foreign and Domestic Estate Tax ect.
You can go to your search engine and type: www.ohiorevisedcode.gov
Title 57 ORC 5731.35 Foreign estate tax.
When a probate court or the tax commissioner determines or claims that a decedent was domiciled in this state at the date of decedent’s death, and when the taxing authorities of another state, territory, or possession of the United States, or the District of Columbia, make a like claim on behalf of their state, territory, or possession of the United States, or the District of Columbia, the tax commissioner, with the approval of the probate court having jurisdiction of the estate, may enter into a written agreement or compromise with the taxing authorities of such other state, territory, or possession of the United States, or the District of Columbia, and the executor, administrator, or personal representatives of the estate, that a certain amount may be accepted in full satisfaction of any and all estate and additional taxes imposed under Chapter 5731. of the Revised Code, including any interest or penalties accruing to the date of the signing of the agreement. The agreement shall also fix the amount to be accepted by the taxing authorities of such other state, territory, or possession of the United States, or the District of Columbia, in full satisfaction of their inheritance, succession, and estate taxes. Unless the amount of the tax, so agreed upon, is paid within sixty days after the date of execution of the agreement, interest and penalties, as provided under Chapter 5731. of the Revised Code, shall thereafter accrue upon the amount fixed in the agreement, but the time between fifteen months from the date of decedent’s death and the signing of such agreement, shall not be included in computing interest or penalties.
Effective Date: 07-01-1968
This should help with your Inheritance question (s), should you need more information about the legal definitions or where to find out more information ect. please feel at any time to ask...Knowledge is Growth~~~
Disclaimer: Please note I can only help educate, define the terms, and the legal process of the Law. According to the United States Government, it is against the law for anyone to practice law without a license. Therefore, whatever decision that anyone of us need to make pursuant (with regards) to their situation (s) It is imparitive (very important) to get legal advice from a licensed practicing attorney.
Have A Great Day!
It would be my pleasure, anything I can do to help you understand the legal terms/process. The law is very intriguing and complex at times, my favorites are Constitutional, Contract, Global, Political, and Social.
Since I live in and study in Ohio I am going to to explain the basics of the rules and regulations of Ohio. Keep in mind that each state has their own set of Legislative guidelines/laws that the courts, state, local governments useas their guidlines. Should an attorney wish to practice in another state other than the one they are licensed in, they must take the Bar Exam for that state to be able to practice in that state.
Ohio has what is called the Ohio Revised Code (ORC) which are defined as the rules & regulations that the courts, state, and local govenments of the State of Ohio follow as a guide.
* The Ohio Revised Code contains all acts passed by the Ohio General Assembly and signed by the governor . The Ohio Revised Code replaced the Ohio General Code in 1953. However the current organization and form of the Ohio Revised Code Title 29 (Crimes) was completely re-written and issued into law by the General Assembly in 1974. (Wikipedia)
According to the Ohio Revised Code (ORC) Title 57 Chapter 5731: Estate Tax defines “everything one would need to know” about Probate Law in Ohio = Wills:Testate:with a will, Intestate:without a will, Inheritance, Trusts, Foreign and Domestic Estate Tax ect.
You can go to your search engine and type: www.ohiorevisedcode.gov
Title 57 ORC 5731.35 Foreign estate tax.
When a probate court or the tax commissioner determines or claims that a decedent was domiciled in this state at the date of decedent’s death, and when the taxing authorities of another state, territory, or possession of the United States, or the District of Columbia, make a like claim on behalf of their state, territory, or possession of the United States, or the District of Columbia, the tax commissioner, with the approval of the probate court having jurisdiction of the estate, may enter into a written agreement or compromise with the taxing authorities of such other state, territory, or possession of the United States, or the District of Columbia, and the executor, administrator, or personal representatives of the estate, that a certain amount may be accepted in full satisfaction of any and all estate and additional taxes imposed under Chapter 5731. of the Revised Code, including any interest or penalties accruing to the date of the signing of the agreement. The agreement shall also fix the amount to be accepted by the taxing authorities of such other state, territory, or possession of the United States, or the District of Columbia, in full satisfaction of their inheritance, succession, and estate taxes. Unless the amount of the tax, so agreed upon, is paid within sixty days after the date of execution of the agreement, interest and penalties, as provided under Chapter 5731. of the Revised Code, shall thereafter accrue upon the amount fixed in the agreement, but the time between fifteen months from the date of decedent’s death and the signing of such agreement, shall not be included in computing interest or penalties.
Effective Date: 07-01-1968
This should help with your Inheritance question (s), should you need more information about the legal definitions or where to find out more information ect. please feel at any time to ask...Knowledge is Growth~~~
Disclaimer: Please note I can only help educate, define the terms, and the legal process of the Law. According to the United States Government, it is against the law for anyone to practice law without a license. Therefore, whatever decision that anyone of us need to make pursuant (with regards) to their situation (s) It is imparitive (very important) to get legal advice from a licensed practicing attorney.
Have A Great Day!
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But what if it's been inherited to me through another country?
Actually, I would love to learn the US Law if you care to share the info
Did the information help you understand your questions about inheritance tax?
Yep, more or less. Thanx
It's all been sorted now anyway......I should be getting some CASH very soon
That's cool...the Law can be complex but at the same time simplistic. Glad I could help...your very welcome!
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