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Inheritance tax

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#1
What is the name of your state? Wisconsin/Kentucky

It looks like the probate on my uncle's estate is in it's final stages. It has taken almost 2 years due to multiple states being involved, definite lessons learned in this on making sure your affairs are in order.

I'm trying to figure out the whole tax thing so I know what I need to do, if anything. I know there's no federal estate tax, nowhere near that amount so that's a given. My uncle was a resident of Wisconsin, which Wisconsin does not have an inheritance tax. However I am a resident of Kentucky and while there is not an estate tax, there is an inheritance tax for outside of immediate family which is where I would fall. I found the below statement on Kentucky's website but I am struggling with the wording.

Can someone translate to plan english?

What are the exemptions if the decedent was a nonresident of Kentucky?

The exemption for a beneficiary of a nonresident decedent’s estate is prorated based on the exemption of a resident decedent and is in the proportion to the net value of the property subject to tax in Kentucky before federal estate taxes to the total property transferred by the decedent.
 


FlyingRon

Senior Member
#2
The Kentucky inheritance tax only applies to decedents who are residents of Kentucky or to that real estate that owed by the decedent in Kentucky.
If your uncle and all his real estate were outside Kentucky, you do not owe Kentucky anything. The phraseology above talks about how to prorate things in the case there was Kentucky property.
 
#3
The Kentucky inheritance tax only applies to decedents who are residents of Kentucky or to that real estate that owed by the decedent in Kentucky.
If your uncle and all his real estate were outside Kentucky, you do not owe Kentucky anything. The phraseology above talks about how to prorate things in the case there was Kentucky property.
Thank you. That's what I was thinking I just wanted to make sure I was understanding correctly.
 
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