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Simone001 · May 15, 2012, 08:50 PM

My father passed away in June of 2011. In his will he made an amendedment allowing me to stay in the residence for up to two years. I was his care taker for about 6 years. But the last two years are where I was not allowed to leave him alone over night by himself. I was advised by the executor of the estate that there is going to be a 28 percent inheritance tax on all of the beneficiarys if the house is not sold before October of 2012. Is this correct information? Please advise.

ebaines · May 16, 2012, 04:33 AM

Originally Posted by Simone001

I was advised by the executor of the estate that there is going to be a 28 percent inheritance tax on all of the beneficiarys if the house is not sold before October of 2012. Is this correct information?

Inheritance laws vary by country and state, so please tell us where the house is located.

ScottGem · May 16, 2012, 04:53 AM

Umm, California

ebaines · May 16, 2012, 05:42 AM

Originally Posted by ScottGem

Umm, California

Ah, yes - I should learn to read the title of the question for such details!

Simone001: there is no inheritance tax in CA, so either you misunderstod what the executor was saying or he is mistaken. And I also don't see how your residing on the property would impact any estate taxes that might be due. I suggest that you ask the executor for clarification. However, I wonder if perhaps he was referring to issues having to do with Proposition 13? There are some very convoluted rules in CA regarding how heirs of residential property can take advantage of the extremely low real estate tax rates that may be currently in place. It can get especially complicated if the property has been willed to multiple heirs. Is that the issue?