California | Wills and Trusts
Legal Question
my dad just died. how much is death tax and inheritance tax
Share This On:
Legal Answer
|
Read More Answered By: Chris Johnson |
The inheritance taxes (federal and state) don't start in California until the estate's net value is over $3.5 million, assuming no part of the lifetime gift exemption was used to make large gifts. Above that, estate taxes are 45% of the excess over $3.5 million.
Income taxes are owed (a final tax return for your father), and a fiduciary tax return for the time the estate or trust is open. Talk with a tax advisor, as income tax rates for estates and trusts can be higher than for individuals, and the manner in which you take distributions from annuities and retirement plans can affect income taxes. |
Share This On:
Top Attorneys in CA
Libris Solutions - Dispute Resolution Services
Walnut Creek, CA
Questions Answered: 10416
Last Question Aswered on: 2012-05-26
Law Office of Robert F. Cohen
San Francisco, CA
Questions Answered: 6348
Last Question Aswered on: 2012-05-26
Law Offices of Georges H. Shers
Union City, CA
Questions Answered: 6114
Last Question Aswered on: 2012-05-15
Law Office of Anthony A. Roach
Tarzana, CA
Questions Answered: 5434
Last Question Aswered on: 2012-05-16
www.SelikLaw.com
San Diego And Las Vegas, CA
Questions Answered: 2000
Last Question Aswered on: 2012-05-18
Law Offices of Phillip C. Lemmons
Fountain Valley, CA
Questions Answered: 1776
Last Question Aswered on: 2009-04-15
Law Office Of Robert McCoy
Ontario, CA
Questions Answered: 1584
Last Question Aswered on: 2010-12-04
James E. Smith Ltd.
Las Vegas, NV
Questions Answered: 1456
Last Question Aswered on: 2012-05-25
The Law Office of Daniel Bakondi, APLC
San Francisco, CA
Questions Answered: 1146
Last Question Aswered on: 2012-01-03
Scott H. Linden, Esq.
Los Angeles, CA
Questions Answered: 1120
Last Question Aswered on: 2010-02-19
Search Questions and Answers