Legal Question in Wills and Trusts in Louisiana
inheritance
i am an only child and my mother is gravely ill; dad deceased 20 yrs. even though i do not need one we have wills showing how all pesonal; financial and real property transfers to one or the other; my question is this when my mom passes and i inheritent the house what is the value of the property allowed before i have to pay both transfer and inheritent taxes;
to give you an idea i can sell our home for the price of $100,000-130,000.
thanks awaiting your reply,--name removed---name removed--
1 Answer from Attorneys
Re: inheritance
For deaths occurring after June 30, 2004, the Louisiana inheritance tax is phased out. The tax form should still be filed, but there will not be any tax liability. There is no federal estate tax until the value of the estate reaches much higher levels than what you describe. Also, the basis in the property is adjusted to the date of death; so the only capital gain that occurs on sale of the property is the difference between value at date of death and the eventual sale price. So the good news is that you should not have to worry about a great deal (if any) of tax liability.
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