My mother died. I was willed her home, the value of which is probably about $155,000 in CO. Do you know the CO estate % tax?I have low income myself, I am married but do not want my husband...
My mother died. I was willed her home, the value of which is probably about $155,000 in CO. Do you know the CO estate % tax?
I have low income myself, I am married but do not want my husband involved, and also have very little way of paying taxes. Can you help?
First of all, assuming this is a real situation and not just a hypothetical, I am going to encourage you to talk to an attorney in your town. More than likely you can find one who would be willing to answer your questions in more detail for a nominal fee, which would definitely be worth it, especially because you wish to keep your husband uninvolved.
I know that (in my state) the North Carolina Estate Tax rate is the same as the Federal Estate Tax rate which has a five million dollar threshold. This means that any inheritance under this ceiling is not subject to the Federal Estate Tax and would not be subject to a state Estate Tax either.
If you follow the link below, it looks like as of January 1, 2005, Colorado did away with a state Estate Tax. This document would suggest that as long as your mother died after this date, you will not be subject to paying any Estate Tax, federal or Colorado state. But again, if you have further questions, an attorney would be much better suited to assist you.