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COMING INTO AN INHERITANCE? DON'T BE GRABBY
August 01, 2006
The Death and Taxes blog has a helpful parable today for folks coming into an inheritance. Sometimes you can reduce estate taxes by selectively "disclaiming" interests in an inheritance. This usually doesn't work if you have already benefitted from property you are trying to disclaim.
Death and Taxes tells the sad story of a mom who inherited stock from her husband and immediately re-registered the stock jointly in her name and her son's. Then she finds out that she could have disclaimed the stock and greatly reduced the estate tax:
Unfortunately, Son also learns that Mom's reregistration of X Corporation stock makes a disclaimer of this asset impossible. If Mom had seen an estate planning attorney right after Dad died, she could have saved her Son a LOT of money.
The Moral? See your attorney before you start doing things with the estate property.
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Comments
Yes. But, for God's sake, don't see your accountant. They'll probably just try to practice law on you and then you'll be screwed!
Posted by: Chad | August 1, 2006 9:43 AM