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    Jim615's Avatar
    Jim615 Posts: 2, Reputation: 1
    New Member
     
    #1

    Dec 18, 2006, 06:29 AM
    Inheritance tax
    My mother left her four children an estate worth roughly 1.2 million in a family trust to be split equally 4 ways. There is a 1st TD on some property, a house, and approximately 200K in CD's and cash. Three of the four children life in California and one resides in WA. Will we pay any state or federal estate/inheritance tax or are we under the 1.5 million limit?

    Thanks

    Jim
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Dec 18, 2006, 05:31 PM
    You are under the limit for the federal estate tax.

    Not sure about the state inheritance tax as you did not say where your mother lived. However, a quick call to the state tax office will get you an answer.

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