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Estate Tax Elimination

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ToddR

Guest
Given the overwhelming feelings that the Estate Tax is unfair and the fact that our new pres. along with many members of Congress are working to eliminate the Estate Tax. Is there a way to delay payment until some resolution comes.... we lost our mother on Thanksgiving 2000, and are having to sell multiple properties and using Life Insurance policies etc. to pay a rather large bill in august of 2001.

The family home was in Trust and the other properties were a part of Grandfather's Trust. I am looking for input from other legal sources as our current attorney is not a well known entity and would like other opinions just to make sure that we aren't being taken advantage of.
 


dmode101

Member
Even the most ambitious bills floating around Congress do not (and cannot, I believe) eliminate the estate tax for decedents dying last year. The tax is owed regardless of any future estate tax repeal bill and trust me the IRS will not just let it slide by because some members of Congress don't like the tax. Unfortunately, the law is the law.

You mentioned that your attorney is not a "well known entity". The Estate Txa Return is not a simple return and not all attorneys all qualified to prepare them. There are many tricks and strategies to be aware of, far too many to detail here. The executor is certainly free to find a more experienced attorney and there should be plenty of time to do so. Also, the attorney's fees will be deductible on the estate tax return, so do not "go cheap" on the attorney to save money. Good luck.
 
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djdj

Guest
Unfortunately you should have been thinking of this 5-10 years ago, you could have sold off some of the properties, have her give each of her children and grandchildren $10,000 a year tax free, so that in a few years the estate would be half of what it is.....and probably no tax.....

 
Maybe Grandma knew that the kids and grandkids didn't know how to handle money well. Giving 10,000 every year, could just "enable" some irresponsible grandchildren to blow it all on fancy cars, etc. Just a thought.
 

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