Inheritance - What do I do?

[Anonymous]

My mother just died.   She was single.   I am her only child.  She has an IRA ($20k) and a checking account ($10k) - did not list a beneficiary (I know this will have to go to probate.)   She has a 401k ($45k)  which she listed me as the beneficiary.     My question is, when I finally receive these funds what amount can I expect to receive?   What accounts will have taxes removed prior to distribution? (No will)

[Anonymous]

I don't know the answers to your questions, twt11. 

I just wanted to give you my condolences on the passing of your mother, and I hope that you're OK. 

Take care.

[Anonymous]

Call around and find a probate attorney.

[MidnightVoice]

Taxes are zero on estates less than  half a mill I think

Attorney and accountant fees are probably only a few thousand on a small estate

[lkcrew426]

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@MidnightVoice wrote:

Taxes are zero on estates less than  half a mill I think

Attorney and accountant fees are probably only a few thousand on a small estate

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Taxes are NOT zero - but I don't know the amount (check with accountant).

However, the 401k you should get immediate access to once you provide a death certificate to them, along with the account balance in full. Likewise, once the award has been made on the other accounts - you should get the balance in full and only be liable for the tax amount.

My condolences on the passing of you mother. That is tough to go through. Hope you're okay.