Inheritance tax.....who's dealt with it?
#7324272
08/07/21 07:05 PM
08/07/21 07:05 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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I understand every state is different but the Feds get 40%? If parents sign land over 7 years before death there is no tax? My Mom was aware enough of this fortunately. Any ways around it?
Last edited by Gary Benson; 08/07/21 07:05 PM.
Life ain't supposed to be easy.
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324280
08/07/21 07:11 PM
08/07/21 07:11 PM
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Joined: Oct 2011
Posts: 2,792 Western Shore Delaware
SJA
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Western Shore Delaware
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Contact your States Register of Wills. They may have a different Dept. title, but that's where to start in each State. :-)
"Humans are the hardest people to get along with." Dr. Phillip Snow
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324282
08/07/21 07:12 PM
08/07/21 07:12 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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Northern Nevada
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Unless your net worth is over 20 million there is no federal inheritance tax
"I have two guns, one for each of ya."
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324289
08/07/21 07:17 PM
08/07/21 07:17 PM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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Northern Nevada
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Sorry, 11 million if single, 23 million if married
"I have two guns, one for each of ya."
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Re: Inheritance tax.....who's dealt with it?
[Re: Bob]
#7324298
08/07/21 07:22 PM
08/07/21 07:22 PM
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Joined: Mar 2018
Posts: 3,166 Pa.
Bigbrownie
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Sorry, 11 million if single, 23 million if married Well,I should be good.
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Re: Inheritance tax.....who's dealt with it?
[Re: Bob]
#7324337
08/07/21 08:12 PM
08/07/21 08:12 PM
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Joined: Feb 2015
Posts: 10,626 Iowa
trapdog1
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Sorry, 11 million if single, 23 million if married Uh oh, Gary. Gonna have to hide some money!
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324353
08/07/21 08:34 PM
08/07/21 08:34 PM
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Joined: Apr 2012
Posts: 386 Kansas
nt2
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The Federal amount will probably be lowered by our current leader!
Providing wild fur to the industry at below the cost of production for over 50 years.
Mostly carbon neutral since 1948.
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Re: Inheritance tax.....who's dealt with it?
[Re: trapdog1]
#7324375
08/07/21 09:01 PM
08/07/21 09:01 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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OP
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Sandhills Nebraska
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Sorry, 11 million if single, 23 million if married Uh oh, Gary. Gonna have to hide some money! Not me! I'm a church mouse!
Life ain't supposed to be easy.
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Re: Inheritance tax.....who's dealt with it?
[Re: WadeRyan]
#7324393
08/07/21 09:18 PM
08/07/21 09:18 PM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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OP
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Posts: 21,716
Sandhills Nebraska
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We put our ground into trusts before a certain date I don’t even remember when so we are hopefully grandfathered in. I’m on the trust as are my children. So essentially when one person on the trust dies there’s just one less member of the trust rather than inherited. It’s much more complicated than that but that’s the jist of it. A good lawyer goes a long ways. If it's done 7 yrs before passing I believe. Good lawyer? What's this you speak of?
Life ain't supposed to be easy.
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324395
08/07/21 09:20 PM
08/07/21 09:20 PM
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Joined: Jul 2012
Posts: 2,619 Nebraska
WadeRyan
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I didn’t say anything about morals find one that specifically deals with land and you’ll be light years ahead.
Last edited by WadeRyan; 08/07/21 09:21 PM.
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324478
08/07/21 11:06 PM
08/07/21 11:06 PM
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Joined: Jan 2007
Posts: 25,599 Georgia
warrior
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Yup, consult an estate attorney. My poor 79 year old father, Thomas, is penniless and owns absolutely nothing, not even the clothes on his back. But the Thomas and Mary McLeod family trust is absolutely loaded and takes care of him well. Actually it's a little more complicated than that as the paperwork has to be just right and every I dotted and T crossed. That's where a good shyster is needed.
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Re: Inheritance tax.....who's dealt with it?
[Re: Gary Benson]
#7324485
08/07/21 11:20 PM
08/07/21 11:20 PM
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Joined: Oct 2011
Posts: 2,792 Western Shore Delaware
SJA
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Western Shore Delaware
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Find a REPUTABLE Estate Attorney in your area / State. . . . not all Lawyers are shysters.
"Humans are the hardest people to get along with." Dr. Phillip Snow
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Re: Inheritance tax.....who's dealt with it?
[Re: SJA]
#7324492
08/07/21 11:36 PM
08/07/21 11:36 PM
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Joined: Jan 2007
Posts: 25,599 Georgia
warrior
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Georgia
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Find a REPUTABLE Estate Attorney in your area / State. . . . not all Lawyers are shysters. You're right you need one that is honest and above board but I still have a low opinion of them. Most are vultures making a living off others misfortune even if they do so honestly. I feel much the same about morticians.
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