Estate value

[DTS]

Does anyone know if there is tax or filing requirement on the gross value of an estate in CA? I have been all over web, called the FTB and I can get no answers or find anything!

Value of the client's estate on death was approximately $448,000+, which has been indicated on pg. 2 of the 541. Client is about to close the estate and I'm trying to avoid any surprises later.

Thanks,
Dennis

[Roland Slugg]

Repealed

Dear DTS

The California estate and gift taxes were both repealed in 1982. The only remaining remnant of the old "inheritance" tax, as it was called, is the pick-up tax allowed as a credit on the federal estate tax return. So if there is no federal estate tax, there is no California inheritance tax.

[DTS]

Tax

Thanks Roland,

I have never heard of any CA estate tax, but thought I should check and panicked a bit when I couldn't find info.

Dennis

[jainen]

property tax

>>I'm trying to avoid any surprises<<

If the estate includes a house that is not being distributed directly to a son or daughter, it will have a big reassessment for property tax purposes.

[DTS]

No home

Jainen,

There is no home or securities to sell. Only thing left is cash to distribute to benes.

Dennis