Estate Tax

Following the death of a relative, his or her life savings is passed down and divided amongst surviving family, as denoted by an existing will. Inheritances that exceed $3.5 million, however, are taxed by the government. This tax, also referred to as the “Death Tax” by critics, is highly controversial. Many people believe that their relatives’ hard-earned money should not be taken away by the government after their death.

If you or someone you know is suffering from financial hardship, but has received a large inheritance, it is important that you consult a West Palm Beach bankruptcy lawyer at Eric N. Klein & Associates, P.A. to be certain that you retain what’s yours. Call us today at 561-353-2800 for a free initial consultation.

Bankruptcy and Inheritance

If you are struggling financially and have filed for personal bankruptcy, but you receive a large inheritance while undergoing the process, it will undoubtedly affect your bankruptcy case. All income, including lottery winnings, gifts, inheritances, etc. is monitored by credit agencies to ensure that you are paying debts in a timely manner. If you receive an inheritance that would be taxed, but you are also filing for bankruptcy, consult an attorney to discuss your options for the smartest way to retain your inheritance.

Contact Us

The West Palm Beach bankruptcy attorneys at Eric N. Klein & Associates, P.A. understand how difficult filing for bankruptcy can be. Our team of experts can help you better understand your rights and help you make the best financial decisions for your future. Contact us calling 561-353-2800 today to begin discussing your legal options.