Gifts

What is the name of your state? GA

My step dad left my sister and I GIFTs which are suppose to be paid out by the executors of the estate. My questions is are we suppose to pay estate taxes for GIFTs and one of the accounts Gifted to us is related to a cash fund which my step dad paid his realestate taxes from. The estate attorney stated to the executors that four months (step dad was alive these four months) of realestate taxes should be deducted from the account before paying us. What is the law regarding GIFTs? Is there any estate taxes on GIFTs and are we liable to pay for the realestate taxes from the account?

Thks, Waitnomore

This is a question that can only be answered by a CPA or tax accountant.

You should be asking why isn't there enough other money in the estate to be able to take care of these taxes. What he is asking does not sound improper but don't just accept what he says without getting a second opinion from another attorney or accountant. We don't have the paperwork in front of us, so how can you expect to get a specific answer here?

STATE GA
There is a statement of GIFTS which is part of the will not the trust.. the trust is the realestate property in question. The GIFTS are the following:

Investment accounts - both cash and stock
Cash from the estate

Because they are stated in the Will as GIFTS are these considered taxable (estate tax) and executors state they are deducting from the investment account realestate taxes because the deceased to pay those used this account takes.. 4 months of the tax year only - living months.

I'm trying to determine if I have any course of action to take. The total doesn't amount to much and basically I don’t' want to pay an attorney -- that’s why im posting this “?”. So if anyone knows the law related to statement of gifts please reply if not no need to.

Any help anyone with some valuable information without the attitude would be helpful

Very Best! Waitnomore