Legal Question in Wills and Trusts in California

Re: Inheritance tax in california? how much?

it depends on how it was structured and many other things, on the portion that is taxed, which may be small, it may be 55%. I would recommend you get a good probate and Tax Attoreny(s).

JOEL SELIK

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Re: Inheritance tax in california? how much?

You are very lucky young lady and by your question hopefully intelligent enough to understand that you need a good probate/tax attorney to help protect you. Your question is quite simple but the answer is a little more complicated. Anything you inherit basically in California or federally under $1,500,000 in principal is tax free. There is income tax to pay upon this both federally and in the state in which it was earned. Over $1,500,000 there is a federal estate tax. There is a state exclusionary tax. Have I lost you yet and if I have that shows you how much you really need to sit down with an attorney who has experience in probate and tax situations. Someone who can help guide you through the maze of taxes but also guide you to preserve as much of the assets that you will be inheriting in the future. Help advice you on investing as well as dealing with the assets.I have been practicing law in the San Francisco Bay area for approximately 35 years and expert in the area in the category in which your question is placed. I feel I can help you in this matter and if you wish to consult with me please contact me at 925-945- 6000.

Re: Inheritance tax in california? how much?

The California inheritance tax is a credit against federal estate taxes, so the amount of tax paid to the federal and California tax authorities is actually the amount of the federal estate tax.

There is currently an exclusion from estate tax for up to $1.5 million for bequests to nonspouses (assuming none of the currrent $1 million exclusion from gift tax has been previously utilized).

In the case of a will, probate will be required and statutory fees will be payable to the executor and attorney for the executor.

SEE:

http://www.sco.ca.gov/col/taxinfo/estate/index.shtml

SEE ALSO:

http://www.taxrights.com/estatetax.htm

http://www.taxrights.com/probate.htm

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=10001-11000&file=10800-10805

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=10001-11000&file=10810-10814