Donuttt
May 31, 2007, 12:11 PM
Hello,
My mom has a home valued at approx. $800,000. Upon her death, she'd like to leave the entire estate to me, but is worried that the taxes I have to pay will be very high. Would the taxes be less if she divided the estate between my brother and I (about $400,000 each)? In other words, if I had to pay, for example, $100,000 after inheriting the $800,000, or if she divided the inheritance in two, and each of us had to pay only $45,000 apiece, then a total of $90,000 split between us would be a lower amount than the $100,000 I would pay by myself. So my question is, would it be beneficial to split the total amount so that we would end up paying less total taxes, or would it be just the same either way?
Thanks!
My mom has a home valued at approx. $800,000. Upon her death, she'd like to leave the entire estate to me, but is worried that the taxes I have to pay will be very high. Would the taxes be less if she divided the estate between my brother and I (about $400,000 each)? In other words, if I had to pay, for example, $100,000 after inheriting the $800,000, or if she divided the inheritance in two, and each of us had to pay only $45,000 apiece, then a total of $90,000 split between us would be a lower amount than the $100,000 I would pay by myself. So my question is, would it be beneficial to split the total amount so that we would end up paying less total taxes, or would it be just the same either way?
Thanks!