inheritance and estate law for beneficiary of combat deceased veteran
My step children's father recently was killed in Iraq and he left his house to his oldest daughter, his car to his oldest son, and the rest of the estate (furniture and stuff) to be divided between the children. The house is in the state of NY and is valued at around 110 thousand with over 98000 of it still under mortgage. the car is still in NY and still being paid for. what kind of tax liabilities are the children looking at? are they going to be covered under mortgage insurance? i have been told that with his death, the car was to be paid off by insurance, is that true?
Re: inheritance and estate law for beneficiary of combat deceased veteran
No estate tax payments would be required based on the facts you presented. You would have to check with the holder of the mortgaged to find out if there is a related life insurance policy to liquidate the debt.
