Personal Injury Lawyer Hopkinsville KY | Car Wreck Attorney
The Fleck Firm represents clients in Hopkinsville on a variety of legal matters including car wrecks, motorcycle accidents, and truck wrecks. If you have been injured in an accident do not hesitate to contact us to see how we can help you.
Did you know that in Kentucky there is no estate tax when someone passes away? If someone you know has died in an accident, please contact us so we can help you understand all of the legal implications of someones passing.
Tax Filings if Someone Passes Away In an Accident
On a positive, there is no estate tax in the state of Kentucky. However, paying the Kentucky inheritance tax is only the beginning of the process. There are several steps needed with various tax implications.
- The final individual state income tax and federal income tax returns must be filed the Tax Day of the year after the person’s death.
- File the federal estate (trust income tax return) by April of the year after the person’s death.
- The federal estate tax return has a due date of nine months after the individual’s death. However, please note that this is needed only if the individual’s estate ends up with a gross asset and taxable gift value is more than 114 million.
Before filing, you must apply for an employer identification number that is issued in front by the IRS. Basically, the number is the social security number of the state to receive the number, you can file online, by mail, fax, or in person.
When a loved one dies, things can get complicated and if you are not familiar with inheritance laws in Kentucky then things can quickly become a nightmare. Retaining skilled legal representation is imperative.
Please contact the Fleck Firm today to learn more by scheduling a free consultation.