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Old 07-13-2004, 03:07 PM
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Join Date: Nov 2001
Location: Northern California
Posts: 75

Inheritence Taxes

What is the name of your state?CA
My brother, sister and I will be likely inheriting approximately 400,000 each after the sale of my late father's home, along with the funds we've already recieved from various life insurancen polices, etc. The house is in a trust and has been for years. Is there a way to get a ballpark amount of what tax we may pay on this inheritence. My sister and I are co-executors of the trust.

My brother (57 yo) would rather rent the house than sell it thinking the inheritance tax will take everything and leave him no better off than he is now. He does not own his own home, currently resides free and clear other than day to expenses of running the house. Any suggestions or ideas on where I can become further educated - or educate my brother?

BTW if we rent we would all net about 650.00 best case scenario!
  #2  
Old 07-13-2004, 06:15 PM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
You brother's an idiot. Without knowing the value of the other assets & insurance policies, I can't say whether you'd have any estate taxes at all.

For an estimate, contact an estate tax preparer. Use the estate funds to pay for it.
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Old 07-13-2004, 07:03 PM
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Location: Northern California
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Love him dearly, but my sediments exactly!
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