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Will two unmarried sisters pay Cal or Fed inheritance tax on a 500K condo that passes directly to them from their retired eldest sister? Thanks much in advance.
There is no federal inheritance tax (which is a tax on the recipient of an inheritance). I don't think CA has one either. There is a federal estate tax (which taxes the estate prior to distribution to heirs), but the exemption is much higher than $500K. There is a CA estate tax, but I think the exemption is higher than $500K.
Thank you everyone. I thought the exemption applied only to parent/child and child/parent transfers. They will be happy to know. Down side, it is a holographic will so will go into probate at about 15% cost to the estate, I understand.
Thank you everyone. I thought the exemption applied only to parent/child and child/parent transfers. They will be happy to know. Down side, it is a holographic will so will go into probate at about 15% cost to the estate, I understand.
How much probate will cost the estate isn't an automatic percentage. The executor may want/need an attorney (who can bill their services in different ways), and there will probably be other professional services that the executor will need to charge to the estate. Court filing fees and public notices, property appraisals (including personal property other than real estate possibly), possibly a fiduciary or an accountant. Won't really know until its all finished.
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