Legal Question in Wills and Trusts in California
Estate tax in 2011
Hi
If I inherit 1.4 milion in property
(House) under 2011 new law.
Would I pay 55% tax on 400,000
being 1 million is exempt ?
Thanks,
John
Asked on 9/29/08, 1:23 pm
1 Answer from Attorneys
Kai Wessels
Kai H. Wessels
Re: Estate tax in 2011
Under current tax law, your answer to your very general hypothetical is fairly accurate (though with more facts, the answer can be very very different). More importantly, the odds of the current tax law still being the law in 2011 are extremely low. Many experts, including those that spoke at the Annual California State Bar Convention last week, believe that the $3.5 million exemption amount will be in effect in 2010, 2011, and beyond.
Answered on 9/29/08, 3:32 pm
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