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| What are inheritance taxes ? Inheritance taxes are taxes heirs must pay on the value of their inheritance. Estate taxes, by contrast, are levied by the province, or the federal government on the eatate its self and require that the estate pay. You can specify in your Will that you want your estate to pay any inheritance taxes. |
| What are estate taxes ? Estate taxes are taxes based on the value of the estate you leave when you die. There are provincial and federal guidelines on the amount of taxes levied on a persons estate that determine a generalized amount to be paid at the time your Will comes into affect. |
| What happens if my Will doesn't dictate how estate taxes should be paid ? When someone dies and there isn't a Will, the government may be able to levy death taxes - provincial and federal laws determine how all taxes must be paid. All taxes must be paid before a beneficiary can receive any property. Property left to a surviving spouse qualifies for a marital deduction. |
| Can I deduct the legal fees I paid to contest my father's Will ? Legal costs of a will contest are generally not deductible because an inheritance is not a taxable income. Similarily, legal fees incurred to collect a wrongful death award ( which is a tax-free income) are not deductable. |
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| Alternative Legal Solutions offers a free consultation to those in Barrie and surrounding areas. |
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