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?

Contact your States Register of Wills. They may have a different Dept. title, but that's where to start in each State. :-)

Unless your net worth is over 20 million there is no federal inheritance tax

Sorry, 11 million if single, 23 million if married

Well,I should be good.

Yes they changed it some years back. I believe it was a Republican .

Uh oh, Gary. Gonna have to hide some money!

The Federal amount will probably be lowered by our current leader!

Not me! I'm a church mouse!

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?

I didn’t say anything about morals find one that specifically deals with land and you’ll be light years ahead.

CPA or a tax lawyer would be my suggestion if you feel you at those levels. I have worked with several but never to the levels of assets that where things are at these days. Many families do estate planning to avoid elder care costs, but there are many other good reasons to be proactive about managing estates.

Bryce

Put the land in an LLC or a trust, many tax benefits long term. We’re going through this currently with a bunch of family land. Luckily my grandfather assigned all his property into an LLC with his 3 sons assigned as owners , years ago, to make the transfer easier.

I’m no tax expert or financial advisor, but this worked for our family.

John

A few good aspects of LLCs are they fractionalize the assets so they are divided and thus may be in lower brackets. It is a transfer tool that works well and the original owners still have management over the asset and this can all be done when the asset owners are much younger than commonly practiced. There are a multitude of leases, rent agreements etc. etc. that can be used as ways to convey LLC asset monies or revenues back to the owner which in most cases is the elder couple. or person. In many cases LLC's are considerably less expensive to create then trusts or other vehicles. Single person LLC's can also be created if that be the case.

Bryce

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.

There are no taxes imposed on any Cook Islands International Trust, this includes, but is not limited to: No gift tax. No estate tax.

Find a REPUTABLE Estate Attorney in your area / State. . . . not all Lawyers are shysters.

In pa the state is the problem for most people. It's 4.5 percent from parent to child, between siblings is 12 maybe I can't remember. Then not direct family is higher still.

We had money from an uncle, that was taxed three of four times in the end.

But hey, why shouldn't the state get to take your money after you're dead. They were nice enough to let you keep it for a while.


I would look for all kinds of federal taxes in the near future to help pay for cabbagehead's free stuff for Democrat voters plan.

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.