Legal Question in Tax Law in California

Inheritance and estate taxes

Where can I find accurate and current information on inheritance and estate taxes in CA. I was under the impression that CA was an estate and inheritance tax free state by my tax preparer this year mentioned that there were still taxes on estates over $2 million scheduled to phase out at some future date. I would also like to get the same info for federal inheritance and estate taxes with rates and dates of changes to take place.

Thank you


Asked on 5/19/06, 2:42 am

2 Answers from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Inheritance and estate taxes

SEE:

http://www.taxrights.com/estatetax.htm

http://www.sco.ca.gov/col/taxinfo/estate/index.shtml

Read more
Answered on 5/19/06, 11:47 am
Ken Koenen Koenen & Tokunaga, P.C.

Re: Inheritance and estate taxes

The $2 million is for federal taxes. If the NET value of the estate exceeds $2 million, the excess is taxed at 46%. The amount of the exemption increases over the next few years until 2010, when federal estate taxes are eliminated. However, unless Congress takes action before that, the estate tax will start up again in 2011 with a much lower exemption.

Read more
Answered on 5/19/06, 11:56 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in California