My step father's mother died approximately 5 years ago, and left the house to her son and grandson in a will. They have not probated the house as of this point, but are considering selling the home so they will have to probate it. I understand that they have done away with the Estate tax/Inheritance tax especially if it is under $1.5 million. But how does it affect them, since she died 5 years ago???

Thanks

AtlantaTaxExpert

Donnaz:

If the estate is below $1 million, then no estate taxes (and probably no state death taxes, depending on the state) are due. Tax-wise, you are okay.

However, you are very late in probating the estate. That's a legal matter that is beyond the scope of this forum. I suggest you post it to the Law Forum on this site. Be sure to identify the state so that an estate attorney from that state can answer the question.

dorry

how do i go about probating a will. if 2 people are listed as co executors ==do both have to go? OTHER THAN A COPY OF THE WILL DO YOU NEED TO BRING ANYTHING ELSE? IS THERE A CHARGE FOR PROBATING THE WILL. IF YOU PROBATE AND THE ONLY MATERIAL INHERITANCE IS A HOUSE- DO YOU NEED TO PAY INHERITANCE TAXES--MORTAGE IS 25.000 LITTLE ESCROW. DO YOU HAVE TO PAY INHERITANCE TAXES AS SOON AS YOU PROBATE.

DORRY

AtlantaTaxExpert

Dorry:

There will be a court fee for probating the will. How much depends on the state and county you live in.

If there are co-executors, both need to be present at least initially.

No inheritance taxes will be due if the total estate is under $1 million.

dorry

thank you, i"m so appreciative. in order to probate the will, do i need to bring the will, identification, and do i have to have a copy of the deed to the house. thank you in advance dorry

AtlantaTaxExpert

Dorry:

Yes to all three questions.