Legal Question in Wills and Trusts in Texas
estate
i am an only child and have only my father still living. he has an estate of 1,000,000 to 1,000,500. he wants to have this put into an estate in order to save taxs on the money when he dies. i am rather suspicious of his actions and need to know if there are any red flags i need to look out for. and will i have to sign any thing? He refuses to do early dispersals of any size in order to beat taxs.
2 Answers from Attorneys
Re: estate
The current estate tax limit is $1,500,000 going to $2,000,000 next year, so he is well under the tax limit.
Re: estate
No problem with taxes right now or for the immediate future. Right now he can transfer an estate in probate of $1.5MM tax-free. After Jan. 1 it steps up to $2MM. It may revert back to $1MM in 2011.
Your father may want to put his assets into a living trust. That may, or may not, be desireable but it's his money. You shouldn't have to sign anything.
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