Parent's home
I was wondering is there a way not to have to pay an estate tax on my parents home. I would say her home is valued at maybe 70,000. My mother wants everything free and clear for me.
Asked on 6/02/09, 9:20 am
2 Answers from Attorneys
Frank J. Pyle
Probate Attorney Throughout Florida
Re: Parent's home
There is no estate tax unless her total estate exceeds $3.5 million. Doesn't sound like the case. Maybe what you are trying to avoid is the cost of going through probate at her death - a completely different issue.
Answered on 6/02/09, 10:29 am
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Parent's home
There is no federal estate tax due unless the totak assets are greater than $3,000,000 (the exact figure escapes me).
Answered on 6/02/09, 10:31 am
Related Questions & Answers
-
Elder parent My elderly mother has a woman renting a room in her home. Mom has... Asked 5/26/09, 5:11 am in United States Florida Elder Law
-
Property laws Can a life estate be for a length of time instead of until my death? I... Asked 5/19/09, 1:51 pm in United States Florida Elder Law
-
Living trust If parents are residents of florida, but are in an ALF in... Asked 5/12/09, 10:04 pm in United States Florida Elder Law
-
Wills My Uncle died in 1995 he had 2 pieces of property one a farm and the other his... Asked 5/11/09, 12:04 am in United States Florida Elder Law
-
Marriage and Medicaid My companion and I own a house in FL 50/50 ''with right of... Asked 5/09/09, 9:17 pm in United States Florida Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
