Need ASAP help on Inher. Tax

Ok, as most of you know my DH's Grandmother is ill and isn't expected to be around much longer. His mother (my MIL) and his Aunt are in the will to get the house (which has no mortgage on it). They already live there, so they won't be buying it.

Is there such a thing as an inheritance tax? My MIL & AIL (aunt-in-law) are asking me. I called my father, but he is not around during the day. Thanks

Re: Need ASAP help on Inher. Tax

According to this, there is no inheritance tax in New York. New York Estate Tax
I would verify this with either an accountant or trust and estates lawyer though.

Re: Need ASAP help on Inher. Tax

The estate pays any tax that is due. Does this person have assets totaling over 1.5 million. I think that is the current amount that passes through tax free.

Re: Need ASAP help on Inher. Tax

I'm not quite sure what you mean? The house is worth $549 (as per the most recent appraisal done in May). The will states where all the other assets go.

Its not the tax on the house, I was wondering if there is an inheritance tax on property left to a family member as per a will.

Re: Need ASAP help on Inher. Tax

My understanding is that there is an inheritance tax which is why so many people put their house in their heirs' names when they become elderly. I believe that tranferring ownership before death to heirs allows for a one time tax break.