What is the name of your state (only U.S. law)? Oregon
Question I can't answer. Ignore if not appropriate for this forum (or tell me where I might find an answer). This question might be generic to many states.
Trust valuation is $950,000 to $1,050,000 depending on appraisals of five properties. Oregon Estate Transfer Tax kicks in at $1,000,000. Does a person need to get appraisals of the properties just to see whether, or not, they meet the $1,000,000 threshold? The beneficiaries have already decided the division of assets, so no problem there. No federal limit ($5,000,000) involved.
The other question is (with a trust) how would the State know about the properties to even question the valuations if no reporting of any kind is required (of the Trust) for valuations less than $1,000,000?
Question I can't answer. Ignore if not appropriate for this forum (or tell me where I might find an answer). This question might be generic to many states.
Trust valuation is $950,000 to $1,050,000 depending on appraisals of five properties. Oregon Estate Transfer Tax kicks in at $1,000,000. Does a person need to get appraisals of the properties just to see whether, or not, they meet the $1,000,000 threshold? The beneficiaries have already decided the division of assets, so no problem there. No federal limit ($5,000,000) involved.
The other question is (with a trust) how would the State know about the properties to even question the valuations if no reporting of any kind is required (of the Trust) for valuations less than $1,000,000?