Home     Law Advice     Insurance Advice     Community    
Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
Go Back   FreeAdvice Legal Forum > TAX LAW > Tax Law

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 08-20-2001, 01:40 PM
baileyr25
Guest
 
Posts: n/a
Exclamation

need some suggestions


Ok... here is the problem... I'm currently probating a relative's estate.. but this is not an estate question.. There was a large amount of cash left from a life savings (approx. .5 million).. I have already maxed out the estate max (675K) in property and I don't want to go over... there must be some legal way to matriculate this money into an account without the money being seized and me audited.. It's awful to think that I have to resort to underhanded ways for "laundering" legal money.. taxes have already been paid on all this money and I don't want to have to pay them again. ... what can I do?
  #2  
Old 08-20-2001, 02:10 PM
loku
Guest
 
Posts: n/a
When you say taxes have already been paid on all the money, I assume you mean that income taxes have been paid on it when it was earned. If this money was owned by the decedent, then the law requires you to include it in the value of the estate for tax purposes and pay the estate tax on it. If you do decide to “launder” this money, remember it is not “legal money.” It is part of the estate, and the law is very clear on that. To hide it would be a felony.
  #3  
Old 08-20-2001, 07:12 PM
baileyr25
Guest
 
Posts: n/a
so.. in essence the money must be taxed twice in order for it to be legit.. ?? It really doesn't bring out my patriotic side to have big brothers hand in my pocket all the time.. I was just hoping that there would be some other way.... but thanks anyway.
  #4  
Old 08-20-2001, 07:34 PM
loku
Guest
 
Posts: n/a
How do you think Big Brother got so big?
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 05:52 PM.



IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.

F
reeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.