Trusts & Estates Law/inheritance

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Question
Everything my mother owns is titled jointly with myself.  I am presuming there will be no probate upon her death and that ownership transfers to me.  However, the will requests all assets to be divided between my brother and myself and a small portion to grandchildren.  I am designated executrix. How do I accomplish this to avoid gifting tax consequences?

Answer
Hi Lauren,

There should be no probate but that has nothing to do with inheritance or estate taxes.  Those taxes are a function of the total amount left.  This year there is a $5 mil exeption, next year it reverts back to just over $1mil but no one knows for sure.  So it depends on how large the total estate is.  There is no easy way to avoid estate taxes.  How large is the estate?

Regards,


David Disraeli

see http://www.bankrate.com/calculators/tax-planning/estate-tax-planning-calculator.
for more information.

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David Disraeli

Expertise

I can answer general questions about estate planning and trusts. I can also answer questions about estate tax reduction and advanced charitable giving, family partnerships and asset protection. I may have already answered your question here: www.lifeplanblog.com or here www.pcfo.net

Experience

I have worked for 24 years with clients and their attorneys to formulate estate plans to meet client goals. I have found many mistakes made by client attorneys and were able to have them corrected. I focus on making sure that beneficiaries are protected from current or future spouses and lawsuits so the wealth stays in the family. I have also published a book on Aging Parents which can be found on Amazon https://www.amazon.com/dp/B003VP9WTG

Organizations
President and founder of The Personal CFO Inc.

Publications
www.pcfo.net www.lifeplanblog.com

Education/Credentials
Certified Financial Planner 1994

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