Need some finacial advise

[MidnightBusainSD]

Well as some of you know my Father passed away here on March 3. And now that them proceedings are all over with it's time to get things back into gear and get things back on track.

Now I'm looking at inheriting *spellin* his estate. Which is a very suspstantial some. which hey who cant really complain about that right? well i guess I'm in a dielema His estate was rather substantial and it looks like it may be getting over the Alottaed Exception amount.

Which well hey if it was a cash amount then I'd simply pay the tax and be on my way. But it's in real estate, cattle,and equipment. And if some of ya don't know Uncle Sam likes to Sock ya a nice 47% tax on estate. If that isn't lovely i guess so like i said if it was cash no biggy. But this is my farm, my families farm and I'll be damned if i have to sell it or a good portion of it off just to pay uncle same off.

So if some of you out there are financial consultants on this matter i could use some advice I've been working with my lawyer already but I'm always up for hearing other ideas. Thanks much in advance

You can either post up or PM me and i can give you some more details about the deal.



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[oldhat]

dude..get hold of a GOOD estate attorney/accountant!!! I know of some here if need be

 

[Don Hardcastle]

dude..get hold of a GOOD estate attorney/accountant!!!  I know of some here if need be

+1

Just any attorney will not get this done correctly for you.

 

[MidnightBusainSD]

Thanks for that points there guys the lawyer i have has done several large estates already so i feel he is fairly competant about it I also made an appointment with a accounting place that dose just estates also.

Guess i was looking for more opinions on the matter

 

[PACIFICBUSA]

can't help ya here, bro. Well, aside from a good bump, that's about it.


Don't know much about real estate.

 

[Professor]

dude..get hold of a GOOD estate attorney/accountant!!!  I know of some here if need be

+1

Just any attorney will not get this done correctly for you.

Add another click on this one. Also it is my understanding that the tax only applies to the amount over specified limit. At one time it was 600k it climbed to 1mil but I'm not sure if it was permanent. This is federal, state taxes will vary. Another consideration is the your future estate. You need to make plans now to take advantage of ways to avoid your estate being taxed the same way.

You need a good estate planner and attorney. Don't bank on advice you get on the net. (even including mine) Investigate your options.

 

[mofuggahere]

Yea there is probably a better place for financial advise rather than the Hayabusa forum

Good luck though.

 

[MidnightBusainSD]

your probly right but hey never hurts to ask:O

 

[Wag]

your probly right but hey never hurts to ask:O

Always a good idea to ask. Estate taxes are being phased out until 2010 or 2011, I don't recall which. Then they are being fully re-imposed unless congress changes the rules which they SHOULD do. No guarantees. Not that that helps you any at the moment. Hopefully, however, your attorney knows his stuff. Using a qualified attorney can save you WAY more than you would lose by doing it yourself or by relying on the opinions of a buncha guys on a Busa Board. (Ahem!)

You've done the right thing. Have fun!

--Wag--

 

[girlsriding.com]

Look to see if he left any life insurance policies. Benefits from life insurance policies arent taxable, and a lot of people use them to cover their estate taxes when they pass on.