bigalcalbisque
Member
I reside in California.
My wifes father passed away 2 months ago and we have finally found all the paperwork.
He had a personal trust that was created in 2001. In the trust it specifies that a commercial property he owned actually will go to my wife. We also have a copy of the marital property agreement that he drew up in 2005 when he married his 3rd wife (Now his Widow) that also secifies that the same commercial property goes to my wife.We have an appraisal that estimates the commercial property value at about $2.75 million with a current mortgage balance of $950,000.
We have no idea what was left to his wife other that a few obvious things like the home and their car, we have no Idea the amounts of any accounts that he may have had. For Estate tax purposes, would his widow be responsible for filing the tax return and do we then total up the entire estate, the items left per the marital agreement with his Widow and the appraised value minus liabilities of the Commercial Building left to my wife and file one tax return and if so how do we determine what percent of the Estate Tax is paid by my wife and by her Fathers Widow. Of course I am assuming total assets for all will be over 2 Million total. We are also wondering who is responsible for paying the CPA to do the tax return.
Any Advice Would Be Gratefully Appreciated
My wifes father passed away 2 months ago and we have finally found all the paperwork.
He had a personal trust that was created in 2001. In the trust it specifies that a commercial property he owned actually will go to my wife. We also have a copy of the marital property agreement that he drew up in 2005 when he married his 3rd wife (Now his Widow) that also secifies that the same commercial property goes to my wife.We have an appraisal that estimates the commercial property value at about $2.75 million with a current mortgage balance of $950,000.
We have no idea what was left to his wife other that a few obvious things like the home and their car, we have no Idea the amounts of any accounts that he may have had. For Estate tax purposes, would his widow be responsible for filing the tax return and do we then total up the entire estate, the items left per the marital agreement with his Widow and the appraised value minus liabilities of the Commercial Building left to my wife and file one tax return and if so how do we determine what percent of the Estate Tax is paid by my wife and by her Fathers Widow. Of course I am assuming total assets for all will be over 2 Million total. We are also wondering who is responsible for paying the CPA to do the tax return.
Any Advice Would Be Gratefully Appreciated