sorry if this is the wrong section..
to be brief..
my father passed away a couple months ago at 65, my mother, now 54 only makes 1000 a month, and the house payment is around 2k, with another 1500 in other expenses. so thats about 3500 we need minimum, monthly.
there is approx 490k in my fathers retirement. we have a mortgage of about 350k.
my mother wanted to pay off the house with my dads retirement, since we cannot make this big payment, she got an estimate that they would take something like 190k in taxes!!
this would completely ruin all of our plans for the future.
is there something we can do? how come she doesn't fall into a widow's tax break or something of the sort? We are blown away at this huge tax
does this sound right to you or have we been misled?
to be brief..
my father passed away a couple months ago at 65, my mother, now 54 only makes 1000 a month, and the house payment is around 2k, with another 1500 in other expenses. so thats about 3500 we need minimum, monthly.
there is approx 490k in my fathers retirement. we have a mortgage of about 350k.
my mother wanted to pay off the house with my dads retirement, since we cannot make this big payment, she got an estimate that they would take something like 190k in taxes!!
this would completely ruin all of our plans for the future.
is there something we can do? how come she doesn't fall into a widow's tax break or something of the sort? We are blown away at this huge tax
does this sound right to you or have we been misled?