QUESTION
How can I set up my Internal Revenue Allotment so that my children will not have to pay an inheritance tax at the time of my death?
Asked on Feb 17th, 2013 on Taxation - Michigan
More details to this question:
How can I set up my Internal Revenue Allotment so that my children will not have to pay an inheritance tax at the time of my death?
6 ANSWERS
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Dont leave your children more than $5,250,000. For anything more complicated than that, you need to consult a lawyer.
Answered on Feb 20th, 2013 at 2:14 PM
The federal government has no inheritance tax, only an estate tax on very large estates .
Answered on Feb 20th, 2013 at 2:13 PM
Your question does not indicate the size of your estate. For Colorado residents, if your estate is less than $5,240,000 in 2013, there is no federal estate tax imposed. However, if you are referring to federal income taxes, your question does not contain sufficient information on which to base an answer.
Answered on Feb 20th, 2013 at 2:13 PM
Not sure what you mean by "Allotment." I any event, unless your taxable estate is more than $5,250,000 in 2013, your estate and your children will not owe any estate or inheritance tax.
Answered on Feb 20th, 2013 at 2:13 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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There is no inheritance tax in Delaware. If your estate is over $5 million there is federal and state estate tax. There is also probate tax but that can be paid out of the estate.
Answered on Feb 20th, 2013 at 2:13 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Estate tax is commonly avoidable with proper planning, see an attorney.
Answered on Feb 20th, 2013 at 2:12 PM