Legal Question in Wills and Trusts in Illinois
estate tax
My father recieved word of a relative that had died in Virginia with-out a will and was named as an heir to the estate. she had died in Oct of 2006
In March of 2007 he had succumed to a heart attack and died leaving a will for all remaining children to split the estate.
MY question is this, when it comes to estate tax would we have to pay twice, once on his share and again on ours. I am asuming that the virginia estate is substantial enough, 1.5 million, to trigger the estate tax for both the dispersments to the estate of my father and again to the remainig us but am not certian of it.
thank you kindly
2 Answers from Attorneys
Re: estate tax
Your father's estate will most likely be the recipient of the inheritance from his relative's estate in Virginia since he survived her by a number of months.
The taxable estate amount for 2007 is $2,000,000. So, if your father's estate is less than that amount, it will not be subject to estate taxes. However, there may be items that are subject to INCOME taxes, which is different than estate tax.
The beneficiaries will not be taxed on the inheritance unless the distribution contains items that are subject to INCOME tax.
I strongly advise you to consult with a probate attorney to advise you on how to administer this estate.
Please contact me if you would like to discuss this further.
Re: estate tax
Good morning. I just saw your posting. In my opinion you will not have to pay tax twice. Estate tax will only be assessed against your father's estate, in my opinion. Now it is always a good idea to verify this with your tax preparer because the tax laws are always changing. Luckily I have a good amount of resource contacts in this area because of the forever changing tax
laws. Will be happy to discuss this further and in more detail.
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