moonbeam Asked July 2009

My mom is wealthy and my name is on everything she owns. What taxes will I have to pay when she dies?

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My mom is 87 yrs old and wealthy. My name is also on everything she has. What taxes will I have to pay when my mom dies?

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EXPERT Carol Bradley Bursack Jul 2009
That will depend on your state and the Federal government. Also, it will depend on how the wealth is distributed. At one time, there was no tax for inheritance under $600,000, but that may have changed. A CPA can help you with this.

Carol
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N1K2R3 Jul 2009
I think that the estate tax exemption is up to $2.5 mil right now, and it is expected to go the $3 mil. You must file an exemption within your state if your assests are under that. The exemption is filed to the state in which your mother is domiciled, not you. The exemption is filed with the federal gov't. also. However, If your mother 's property , both real and personal exceeds $2.5 mil, you will have to pay an Estate Tax the following year after her death. In the year 2010 the federal law has waived all estate taxes if the decedent passes in 2010., regardless of when you file the Return.
Regarding the real property, will it pass with joint tenancy with right of survivorship, or you do you own it as Tenants in Common?
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