Legal Question in Real Estate Law in New York
real estate inhertitance
As per my mother in law's will my husband and I will be inheriting her property worth over a million dollars. Being that she is already 86 years old we are wondering what we can do to protect us from excessive taxes upon her death that might force us to sell the property which has been in my husbands family for many years.
Thanks
4 Answers from Attorneys
Re: real estate inhertitance
Their should be no Federal estate tax.
Re: real estate inhertitance
Their should be no Federal estate tax.
Re: real estate inhertitance
Their should be no Federal estate tax.
Re: real estate inhertitance
Under the Federal Death Tax the amount an individual can leave to heirs tax-free is $2 million in 2008, $3.5 million in 2009, and in 2010, the tax will supposedly be repealed altogether.
In New York the death tax is imposed on estates exceeding $1 million.
For a plan to save taxes (if any), you must retain a lawyer to review your mother-in-law's estate and to give suggestions on how she may lower the value of her estate.
Mike.
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