probate/gift tax
My husband is executor for his mom's estate. Apparently she made a real estate gift 20 years ago on which she did not pay gift tax. Is my husband obligated to pay gift tax now, even if it will have the affect of reducing the tax-exempt portion of her estate by as much as 1 million?
Asked on 1/21/08, 8:34 am
1 Answer from Attorneys
Christopher Steuart
IT Forensics, Inc.
Re: probate/gift tax
This is a complex issue and there are several factors that would influence my recommendation on handling this; your husband should retain counsel. The potential liability or loss would appear on the face of this situation justify paying for a consultation with an attorney. One point that I would look at is the limitations on actions for liability on taxes.
Answered on 1/24/08, 6:51 pm
