Legal Question in Tax Law in California

Taxes on 2.5 to $3 million estate

My uncle's estate is worth approx 2.5 to $3 million, with $1.6 million of that total coming from annuities and the remaining balance being his trust. He recently passed away and had several beneficiaries to these annuities. My question is, are the annuities considered part of the estate? If so, who is responsible for the estate taxes, the trust or a combination of the trust and all of the beneficiaries?


Asked on 3/27/05, 4:00 pm

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

Re: Taxes on 2.5 to $3 million estate

this depends upon the language of the will and trust, among other factors. in the absence of specific provisions, estate taxes are apportioned:

SEE:

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=20001-21000&file=20100-20101

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=20001-21000&file=20110-20117

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=prob&group=20001-21000&file=20120-20125

you need the assistance of a qualified and experienced attorney to handle this estate properly.

Read more
Answered on 3/27/05, 4:23 pm
Karen J. Segel Law Offices Of Karen J. Segel

Re: Taxes on 2.5 to $3 million estate

Your facts are not very clear. Essentially everything depends upon the language of the trust and\ will. You need legal counsel. In general, the

beneficiaries are responsible for payment of estate taxes, but it is apportioned among them based upon the share each receives. Call if any questions, etc.

Read more
Answered on 3/27/05, 11:28 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in California