Check out some similar questions!

oldmanowen · Apr 24, 2012, 07:26 PM

I am a the holder of a green card. I am leaving my money and property to my two daughters who are US citizens. One lives in Kentucky and the other in Nevada What will be their situation for inheritance and estate taxes, when I am gone?
Thanks,
Oldmanowen

Fr_Chuck · Apr 24, 2012, 07:29 PM

Is the money and/or property here in the US or is part of the property in other countries ?

ebaines · Apr 25, 2012, 05:58 AM

There are no inheritance taxes levied by the US federal government, nor in NV. And while KY does have an inheritance tax children of the deceased are exempt from it. So no worries about inheritance taxes.

If estate taxes aredue they are paid by your estate, not by the heirs. The rules for federal estate taxes seem to change every year or two, but as of 2012 your estate would have no taxes to pay unless its value is greater than $5M, in which case the estate would owe about 35% of the amount over the $5M exclusion. In 2013 that exclusion amount is scheduled to be reduced to $1M and the tax rate goes up to 55%, unless Congress acts. You haven't told us what state you live in, and so I can't tell you whether there would be any estate taxes due to your state.