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Old 08-05-2011, 12:24 PM
 
Location: Maine
502 posts, read 1,532,819 times
Reputation: 499

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hi all

I have a couple questions about estates and inheritance, and I probably should know answers, but haven't had the pleasure of going through any of this process first hand.

My mother is trying to plan her estate so the 4 sons get the most from their inheritance. She doesn't want the fed/state taking all the money, and she doesn't want us to have to pay lots. The estate including properties is probably worth about $600,000. She is widow, 68 and in very good health.

From my reading, there is no inheritance tax in maine. SO I would pay no tax on moneys I inherit to the state of maine? How about feds?

Also, estates in maine aren't taxed up until 2 million value, so there would be no estate taxes owed anyone?

Biggest reason I ask, there is an insurance agent trying to sell a policy to here that would guarentee no expenses on my brothers and I after my mother dies. It would cost her $6000/yr. SOunds odd to me, and I am meeting with my mother and agent next week.

thanks
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Old 08-05-2011, 01:27 PM
 
2,352 posts, read 5,347,236 times
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I don't think there is one but I'd be for talking to a lawyer.

Maine Inheritance Tax Laws - Labor Law Talk Blog


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Old 08-05-2011, 02:19 PM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,426,587 times
Reputation: 9378
Quote:
Originally Posted by 7th generation View Post
...I'd be for talking to a lawyer.
Absolutely. You want an attorney who specializes in estate planning.

An 'insurance policy' to guarantee that you have no expenses? For $6000 a year?

I have never heard of such a thing, but then, I'm sure there are things that I haven't heard of that are legit, or maybe I don't have some necessary details that would let me know it is something legit or misunderstanding the type of policy it is...

...but frankly, my scam radar is screaming a warning. There are many slick-talking con-artists who prey on older folks, counting on ignorance and/or confusion to aid them in various schemes to get [some of] the money they have saved up throughout their lives.

The cost of a consultation with a lawyer, and following some of the guidance he may give should be far less than what this 'insurance salesman' is trying to get. Maybe the guy is legit, but get the lawyers advice first (and provide him with any paperwork that your mother may have received regarding this 'insurance').

My father had things planned in advance- he had put his real estate in a trust with my brothers and I as trustees so there was no transfer and no taxes. Anything that required any legal transfer (such as vehicles) he transferred before he died, so no taxes. Everything else was unrecorded and things that had value were in a safe place that we knew how to get to without it having to be anyone else's business.
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Old 08-05-2011, 07:43 PM
 
Location: Teton Valley Idaho
7,395 posts, read 11,508,869 times
Reputation: 5403
my scam radar is bleeping too.... could be nothing, but needs to be checked out. And, I wouldn't be meeting with anybody until she meets with an attorney. Seems she needs an estate attorney, not someone to sell her an insurance policy. Good luck~ and I'd be interested to know what you learn!
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Old 08-05-2011, 09:29 PM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
Reputation: 17572
We recently went through two estate inheritances with two over-lapping wills. It was a horrible complicated mess. Every possible way that you could possibly mis-read the wills was used to come up with a huge assortment of possible of interpretations. It ended up including a legal suit being filed to sue siblings and one counter-suit. The big 'winners' were the lawyers.

No inheritance taxes were paid however.

In the off chance that the lawyer writing the will is entirely demented, you may wish to hire a second lawyer. Independent of the first lawyer. To read the will, and to screen it for contradictions or errs.
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Old 08-06-2011, 04:37 AM
 
Location: Maine
2,271 posts, read 5,538,407 times
Reputation: 2522
Please see a lawyer who specializes in estate planning. It can be a complicated area of law and no one here will be able to give you that kind of advice (other than scam warnings which I wholeheartedly agree with!)

(I could have just said, "Ditto the above posts", lol.)
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Old 09-13-2011, 06:54 PM
 
2 posts, read 7,347 times
Reputation: 10
have your mother put all of her assets into an irrevocable trust for the benefit of her children. No probate, no inheritance tax. Talk to a lawyer asap.
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Old 09-14-2011, 04:03 PM
 
Location: Maine
502 posts, read 1,532,819 times
Reputation: 499
Thanks for thoughts. I was nervous about the issue.

Basically it is an insurance policy. My mother wants to make sure my brothers and I are well taken care of financially. After listening to the salesman and going through numbers it does make financial sense. No worries.
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