Taxes
fater&mother had trust both died in 2007 7months part I was named personal representative only living child. the farm is 10.5 acres more or less 14.3 acres more or less and 6.05 acres more or less. what is market value of this acreage and will we need to pay taxes. or is it under the amount to be taxed/?
Asked on 4/25/08, 1:39 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Taxes
You will need an appraiser to get the value, or an estimate from a realtor in your area. The current value before Federal Estate taxes are incurred is $2.5 million. However you may be able keep the property in the trust and avoid any taxes. Call for a free consultation.
Answered on 4/25/08, 4:43 pm
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