Legal Question in Wills and Trusts in Alaska
Inheritance Tax
My parents are in their 70s and have a farm valued at 1.2 million in 2003. When they pass, will it be re-evaluated and a new tax amount be issued or will the inheritance tax be from the most recent value. Do I need to get a trust made up for me since Im a only child. I cnat afford to pay an inheritance tax and dont want to lose the land
1 Answer from Attorneys
Re: Inheritance Tax
The property must be appraised at fair market value for estate tax purposes. The property tax value is not relevant to this process.
Your parents can each pass an estate with a value of $1.5 million to you federal estate tax free. Between the two of them, they can transfer $3.0 million tax free.
I do not know the Arkansas inheritance tax structure.
A trust would be helpful in accomplishing this goal.
Take a look at our website www.bradynordgren.com and the online presentations that will give you a better idea of how the trusts will help.
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