North Carolina question

[oceanlovin'ea]

My client's father who lived in North Carolina died. My client inherited his father's property which included a mobile home park. He is going to sell the park.
How will he be affected by North Carolina's estate tax laws? Will everything be handled through the estate?
I am assuming that whoever is handling the estate in North Carolina will know how and do the estate return. I think he will liquidate all the estate this year if possible.

Thanks

Linda F

[oceanlovin'ea]

Back to the top

Where are the North Carolina people? Any answer will be a help. Or tell me where to look.

Thanks

[JohnH]

I'm in NC, but I don't do any estate work so I can't give you an answer.
However, I'll post a link to the NCDR web site and also give your question another bump to the top.

http://www.dor.state.nc.us/index.html

[erchess]

More Information

What makes you think there is someone in NC handling the Estate? Is there another heir living here? I would think that you would want to be in touch with this person if they exist.

I can tell you that NC generally follows the Federal in terms of when an Estate Return is required and what is the value of the taxable estate.

[Burke]

In NC, estate tax is SAF. (This info was easy to obtain - I googled it.) Therefore, it depends on whether all assets exceed $2M as to whether a return has to be filed. The will must be probated there, and from your post it appears that maybe someone is doing that? A lawyer, perhaps? As to whether everything will be handled "through the estate" depends on how everything was owned, if there was a spouse, and what the will says. If your client or the family does not have someone in NC to do this, he (they) better get someone.