W
WML13
Guest
What is the name of your state?Ohio
About 15 years ago, My Mother created a trust where the family farm was put into a revocable trust giving my father a life estate privilege. He recently passed away. My new attorney tells me that there will be Ohio estate taxes to pay when my Dads estate settles in nine months. Considering that My father didnt own the property, it was always in my Mother's name (inherited from her father) and she transferred it into the trust for us 15 years ago, why would the current valuation which is ten times larger than it was 15 years ago, have any bearing on the settlement of my Dads estate? He tells me that even though the property hasnt been sold, the heirs will still owe the tax. I know that trusts dont prevent the payment of taxes, but I dont see what a life estate privilege and my Father's death should have to do with this. His name was never on the Deed.
About 15 years ago, My Mother created a trust where the family farm was put into a revocable trust giving my father a life estate privilege. He recently passed away. My new attorney tells me that there will be Ohio estate taxes to pay when my Dads estate settles in nine months. Considering that My father didnt own the property, it was always in my Mother's name (inherited from her father) and she transferred it into the trust for us 15 years ago, why would the current valuation which is ten times larger than it was 15 years ago, have any bearing on the settlement of my Dads estate? He tells me that even though the property hasnt been sold, the heirs will still owe the tax. I know that trusts dont prevent the payment of taxes, but I dont see what a life estate privilege and my Father's death should have to do with this. His name was never on the Deed.