Inheritance Concerns

What is the name of your state? Florida
My husband received an inheritance from the sale of his deceased father's house. The money was split six ways, and he received about 17,000.

My questions are: Is there a federal income tax on this money? And can a creditor that has a judgement against me (not my husband) attach the money in our bank account?

The reason for the second question is that I was considered disabled as of May 2004 and have not had an income since then. I will start receiving my first check in Dec 2004, with no back pay. There are many medical bills that I owe and I wish to pay them all something without one creditor (this one has a judgement against me) attaching the bulk of the money to satisfy this debt.

Any information you have concerning these questions will be greatly appreciated.

[Snipes5]

Yes, it's taxable. Your husband will need to know the fair market value of the property on the date of death.

Yes, any creditor to whom either of you owes money can seize any and all money kept in a joint account. Tell your husband not to put it in there, put it in an account in his name only.

Snipes

[abezon]

Also, if you want to pay all creditors together, consider chapter 13 bankruptcy. A BK trustee decides how much each creditor gets, and any attachments are voided. A married person can declare BK separately, I believe.