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I was given some property gift taxes are owed on am I or the estate responsible for those being paid?

Asked by tennessee | Mar 2, 2010

Answers 1 to 3 of 3

Carol Bradley Bursack, Mar 3, 2010

Over the span of two decades author, columnist and speaker Carol Bradley Bursack cared for a neighbor and six elderly family members. Because of this experience, Bradley Bursack created a portable support group, the book “Minding Our Elders: Caregivers Share Their Personal Stories.” Her sites, www.mindingourelders.com and www.mindingoureldersblogs

I believe the estate is responsible but you should have an attorney's opinion on this.
Carol

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Jon P. Beyrer, Dec 9, 2011

Jon P. Beyrer, CFP, EA, is a personal financial adviser, specializing in comprehensive financial planning and investment portfolio management. He is a partner of Blankinship & Foster, LLC, a fee-only wealth advisory firm in Solana Beach, California. He holds a Master of Science Degree in Financial and Tax Planning.

The estate, not you, is responsible for paying any gift taxes. However, there will only be gift taxes if its a very large estate. In 2011, decedents have a $5 million exemptions from estate taxes.

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JonBeyrer

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Dec 8, 2011

The estate, not you, is responsible for paying any gift taxes. However, there will only be gift taxes if its a very large estate. In 2011, decedends have a $5 million exemptions from estate taxes.

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