Losing a loved one is one of the worst things we deal with in the course
of our lives. Unfortunately, to compound pain with frustration, there
is an additional layer to losing a family member: taxes. For hundreds of
years, the government has required remittance by the families of the
deceased into public coffers. Originally designed as a tithe from an
incoming noble to a lord, in academic circles it is considered to be a
method of prohibiting a noble class from arising. Whether or not that is
effective, what's for certain is that estate and probate taxes, as they
are commonly called, are difficult to understand and even more
difficult to enforce.
Upon the death of a loved one, most people
have a living will that describes how the deceased wishes their assets
to be distributed upon their demise. If married, many wills grant most
of the assets to the spouse with a few select items "willed" to sons,
daughters, or grandchildren. If the property is willed to a spouse, no
taxes are due. That is because in the United States, one spouse may gift
the other an unlimited amount with no tax implications. On a side note,
this was a significant part of the debate when deciding whether or not
to legalize same-sex marriage. Many wills are very short for this
reason; if you're just going to give everything to your spouse, in
effect you are simply stating that everything remains in place!
If
there is no living spouse, the situation becomes more complex. As of
2013, in the United States $5.25 million of the estate is excluded from
the taxable estate. Past that amount, 40% is due to the government.
"Wait!" you might say, "there's no way my grandfather has more than five
million dollars!" While that may very well be true, the estate is
calculated based on all of their assets. Many people hold investments
such as real estate or securities which may be unknown to younger family
members. In addition, many collector's items such as paintings and
antiques may be worth a considerable sum of money. It can be quite a
shock to discover that a humble relative had a taxable net worth of
seven million dollars!
Once the net worth has been established,
the family must determine the tax amount and how to liquidate assets, if
necessary, to pay the estate tax. For example, let's assume that a
deceased grandmother had $7M in assets. That results in a total tax of
$700,000. It is unlikely that this person had a bank account with a
million dollars in it, so it will be necessary to sell off some assets
in order to meet the tax burden. A qualified attorney will draft a will
while the person is still alive that takes care of this contingency. For
example, the grandmother may have arranged for certain real estate
holdings to be turned into highly marketable securities that can be
easily sold to meet the estate tax. This process is done carefully by
estate accountants, and formalized by attorneys experienced in the
field.
Article Source: http://EzineArticles.com/8049263
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