Inheritance tax

[Grayson]

oh...don't you worry

it doesn't stop some around here from repeating bad/wrong/incorrect/stupid information....

talk to an attorney

There are like 16 attorneys on this thread. Shouldn't be too hard to find one.

[Atfulldraw]

There are like 16 attorneys on this thread. Shouldn't be too hard to find one.

can't hardly swing a cat without hitting one

this place has really gone downhill.....

[Be10dwn]

Don't call me about this stuff. I will get it wrong. Call Grayson! Like I said, when you don't call him, then get in trouble with the IRS, THEN you can call ME!

[Burnadell]

Grandfather's does not set tax. Once he dies it is based of what an individual gets. Not a group. So if property is divided in 2 then the tax is based on what that one person inherits. Just went through this very thing with attorney and will.

This is incorrect. The federal estate tax exemption is based on the size of the deceased's estate at the time of death, not the amount of each heir's inheritance. The estate tax, if any, is owed by the estate...not the individual heirs.

[EdO]

Not even sure if it applies in this case, but if it were me, I'd see a trust attorney about setting up a trust. I have property is two states so it was advantageous for me. Didn't cost a whole lot, as I remember $1100. Dollars well spent considering dying with only a will and two states of probate to worry about.

[Bad-Karma]

Remember, the 5 million is based on per person. So it is 5 million for you, 5 million for your aunt etc...

100% not true