Legal Question in Wills and Trusts in California
In California , Estate Taxes are a percentage of the total amount of the Estate? All Real estate, vehicles, jewelry, stocks,...everything combined? Or is it just real property in the trust? When are the taxes due?
Asked on 1/22/12, 4:55 pm
2 Answers from Attorneys
George Shers
Law Offices of Georges H. Shers
There is no California estate tax, it is the Federal government that imposes a tax on the gross value of all assets, not just real property. Assets in a Trust are not part of the estate.
Answered on 1/22/12, 5:10 pm
Michele Cusack
Pollak & Cusack
(cont)... but are included in the estate for Federal estate tax purposes.
However, as the individual exemption is currently $5M and $10M for a married couple, only "the 1%" needs to worry about them.
Answered on 1/22/12, 6:57 pm
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