Quote:
Originally Posted by floydpink
be careful about that. I was in a similar situation and hit with a bill of around 30% in estate tax. You need to listen to Aston lady and talk to an accountant before even thinking about investing.
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It's kinda complicated, but what happened worked out in our "favor" if you want to call it that. The farm had already been deeded to my dad with my grandmother retaining life interest. Through the succession between my dad to my mom, and then my brother and I, all inheritance taxes were lowered significantly because each succession retained quite a healthy portion of the life interest and after our $100k exemption, very little tax was paid. When my grandmother passed, the full tax is due once again, but as stated in the will, my aunt is to pay those with funds left to her in the form of her cash/assets she received. Therefore, ~$30k of the inheritance taxes are "paid" out of what was left to our aunt.
Plus she has to foot the bill for next year's property taxes as our state pays in arrears, therefore, 2010 paid taxes are from 2009, thus we're not responsible for that as we never earned a penny of income off the farm in 2009.
Still, I'd give it all away to have gotten rid of the cancer and what he endured the last 6 months of his life.