Asked 10/24/2011
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Inheritance tax on a surviorship deed? My husband and I were on my mothers property, she passed away and now the State of Indiana says we must pay inheritance tax, why would we when it was a surviorship deed? |
Answer 1/1 - Submitted 10/24/2011
Many states make exceptions to the joint tenancy with right of survivorship, where the joint tenants were other than spouses.
Also, exceptions are made where the joint tenancy was set up within a short number of years directly prior to death.
Because you were not the spouse of the joint owner who died, you couldn't get the inheritance tax exemption, even though it does avoid probate.
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