Legal Question in Wills and Trusts in Maryland
Gift, Trust, etc.?
My parents currently own 2 homes in
Maryland. Both homes are paid for,
and they would like to put 1 in my
name and 1 in my brother's name.
They are currently 85 and 86 and are
still very sharp, but don't want to
wait any longer to take care of this.
The house that they want to put in
my name currently the State of
Maryland's assessed it for $650K. I'm
not too worried about the stepped-up
basis, etc. as I have no intentions of
selling it. The property has been in
our family for generations. I would
like to know what is the best way to
do this in relation to Gift taxes,
estate taxes, etc. Do we need to talk
to a Tax, Real Estate, or what kind of
attorney, and what is the best way to
do this with the fewest problems.
Thanks very much.
2 Answers from Attorneys
Re: Gift, Trust, etc.?
It is difficult to give a good answer to this question with out more information. Currently, Federal Estates are taxed when the value of the estate exceeds 2 million dollars. If your parents were to give these two pieces of property (value and nature of second property undisclosed, but info is needed) to their sons , a very large gift tax might be due. There are ways to shelter this tax, but a complete picture of your parents estate, goals, and health is necessary to properly assess this situation. An attorney who deals with estate planning is the one best to help. A tax advisor is needed too. If your parents have a tax professional, he/she should be included in this plan. also, more information is need about the size of your own estate, your family situation, and your income before any advice could be properly given.
Re: Gift, Trust, etc.?
Suggest your parents talk to an attorney who handles Federal/MD estate planning and Federal/MD taxation matters. Information will need to be assembled and carefully reviewed for a proper analysis and estate plan to be implemented. An experienced tax attorney in MD should be able to handle this type of matter and to protect the interests of the client. Please note that, in accordance with the MD Code of Professional Responsibility for Attorneys, a signed engagement letter is necessary in order to engage my legal services. If I can be of any help to you or people you know, contact me as I would be pleased to provide tax/legal support. Sincerely, Robert Beatson II, 7-16-2008, 11:45 p.m. EDT Law Offices of Robert Beatson II, 9818 Glynshire Way, Potomac, MD 20854
Email: [email protected]
Website: www.beatsonlaw.com
Practice areas: Tax, business law, computer/high tech/biotech law, intellectual property, trusts/estates/wills, real estate, litigation, mediation. Licensed to practice law in: DC, MD, VA, and NY.
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