- What to Consider About Child Inheritance
When deciding how to pass on assets to your heirs, it’s important to consider where minor children fit in. Child inheritance laws generally prohibit children from inheriting land, real property or other assets if they’re under 18. Depending on probate and inheritance laws in your state, it’s even possible to exclude children from inheriting any… read more…
- What Is the Cost Basis of Inherited Stock?
The cost basis of inherited stock refers to the value assigned to shares received from a deceased individual, typically based on the stock’s fair market value on the date of death. This valuation method, known as a step-up in basis, can affect capital gains taxes if the stock is later sold. Unlike gifted shares, which… read more…
- Strategies for How to Avoid Inheritance Taxes
When a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your own emotions. As is often the case though, money is a major part of the calculus of life when dealing with a recently deceased family member. When they pass, your family will have… read more…
- What Should I Do With a $50k Inheritance?
It’s not uncommon for people to receive sizable inheritances. But it’s less common for them to make the most financially advantageous decisions about what to do with their newly acquired assets. If you inherit a significant amount, such as $50,000,… read more…
- A Guide to Schedule K-1 (Form 1041)
Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiary’s share of an estate, including income, credits, deductions and profits. Beneficiaries of an inheritance should… read more…
- How Does Inheriting an Annuity Work?
When someone inherits an annuity, they receive the remaining payments or account value from a contract originally owned by another person. The payout options and tax treatment depend on the relationship to the deceased and whether the annuity was qualified or non-qualified. Spouses can often continue the contract in their own name, while non-spouse beneficiaries… read more…
- What Are Transfer on Death (TOD) Accounts for Estate Planning?
Transfer on death (TOD) accounts can keep your estate planning intact while keeping your beneficiaries out of court. If you’re among the 57% of adults, according to Caring.com, who don’t currently have a will or trust, your family will likely head to probate court.… read more…
- Inheritance Laws in Nebraska
As of 2025, Nebraska is one of just five states in the U.S. that levies an inheritance tax. Aside from this, the state has a fairly typical set of inheritance and intestate succession laws that mostly dictate how an estate is inherited if there is no will. Below we provide a comprehensive look at Nebraska… read more…
- Inheritance Laws in Rhode Island
With its own estate tax on top of the federal estate tax, Rhode Island residents and nonresidents who own property in the state may find the tax situation surrounding their estate to be rather overbearing. But as far as the… read more…
- Inheritance Laws in Kentucky
Kentucky is one of the few states that implement dower and curtesy laws, which are a relic of past U.S. inheritance law policies. That same distinction of rarity applies to its inheritance tax, as only five other states levy it.… read more…
- Inheritance Laws in Colorado
Even though there are no inheritance or estate taxes in Colorado, its laws surrounding inheritance are complicated. That’s especially true for any situation involving surviving children and a spouse. So we built this guide to walk you through everything you’ll… read more…
- Inheritance Laws in Indiana
Although some Indiana residents will have to pay federal estate taxes, Indiana does not have its own inheritance or estate taxes. Below we detail how the state of Indiana will handle your estate if there’s a valid will as well… read more…
- Inheritance Laws in Ohio
With no estate or inheritance taxes, Ohio is a hands-off state in terms of the allocation of your financial legacy. The rest of Ohio’s inheritance laws surrounding these topics are fairly typical, but the ins and outs of estate planning… read more…
- Inheritance Laws in New York
New York is one of 12 states, along with the District of Columbia, that tax the estates of decedents who were residents or who owned property located within its borders. Aside from this, there are many other factors that go… read more…
- Inheritance Laws in Massachusetts
Massachusetts doesn’t have an inheritance tax, but some residents of Massachusetts and nonresidents with property in the state will find it can be an expensive state for your heirs to inherit your property, as it employs its own estate tax.… read more…
- Inheritance Laws in Alabama
No matter whether you pass away with a valid will prepared or not, Alabama’s inheritance laws are quite elaborate and complicated. This is mostly because of its probate court that includes multiple ways you can file. So even though the… read more…
- Inheritance Laws in Oklahoma
It seems simple enough to write a will and choose who you want to inherit your property. But things can get murky you haven’t completed a valid will prior to your death, as Oklahoma’s intestate succession laws will take over.… read more…
- Inheritance Laws in Louisiana
Louisiana does not impose any state inheritance or estate taxes. It’s also a community property estate, meaning it considers all the assets of a married couple jointly owned. If you’re looking for more guidance to navigate the complexities of Louisiana inheritance laws, reading up on them beforehand will be a huge help. For professional guidance,… read more…
- Inheritance Laws in Minnesota
Minnesota, like 11 other U.S. states and the District of Columbia, charges its own estate tax in addition to the federal estate tax. The rest of the state’s inheritance laws, though, are fairly standard and match the policies most other states have in place. If you want help navigating the complexities of estate planning, SmartAsset’s… read more…
- Inheritance Laws in Washington
In addition to the federal estate tax, Washington State charges its own estate tax, though it does not have an inheritance tax. It also holds the fairly rare distinction of being a “community property” state, combining nearly all assets of anyone who’s married or in a domestic partnership. So if you live in Washington, it’s… read more…
- Inheritance Laws in Pennsylvania
Pennsylvania is one of six U.S. states that still impose an inheritance tax, though the rest of Pennsylvania inheritance laws are fairly standard. There are also tight restrictions around what constitutes a valid will in the state, so be sure… read more…
- Inheritance Laws in Arizona
Whereas most states will categorize estate property depending on who specifically owns it, Arizona’s community and separate property laws muddy these waters a bit. On the bright side, Arizona inheritance laws do subject its residents and nonresidents who own property… read more…
- Inheritance Laws in California
There are no estate or inheritance taxes in California. California inheritance laws, especially when there isn’t a valid will in place, can get a bit convoluted though. That’s why planning out your estate ahead of time is of paramount concern.… read more…
- Inheritance Laws in Georgia
Because there are no state-specific taxes in Georgia, it is a favorable state for you and your heirs to protect your estate. This policy is not indicative of Georgia inheritance laws overall, though, as they heavily depend on the property… read more…
- Inheritance Laws in Virginia
Virginia, like the majority of U.S. states, doesn’t charge a state inheritance or estate tax. The state does enforce a rare probate tax, though, should your estate need to go through that process. Smaller estates may not need to pass… read more…