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Posted: 5/10/2021 6:50:17 PM EDT
Unfortunately, I expect to very soon have a family member pass.

They have enough wealth that we will be into Washington State estate taxes.  We are well short of Federal Estate Taxes.

My basic question:  If we make an honest attempt to value the family business and report as such on the estate tax form, will "the Man" question our estimate?

Sub Question:  If the Man does question our estimate, what is likely to happen?
Link Posted: 5/11/2021 10:35:27 PM EDT
As long as you're under 2.1mil... you're fine

You can get an appraisal.

You'll be stuck with capital gains when you go to sell it. If it's worth more than the declared value
Link Posted: 5/12/2021 2:16:16 AM EDT
The simple answer is to transfer as much as you can before your loved one passes

I'm sorry for your upcoming loss
Link Posted: 5/12/2021 4:28:17 PM EDT
I am sorry for your loss.

1) Retirement accounts are NOT part of the estate.

2) $10,000 a year can be gifted tax free.

3) Make sure you have all titles someplace and be ready for paperwork.

I hope that this will be simple transfer of assets and not turn into the nightmare of MINE MINE MINE and attorneys and law suits.

Other things to have ready
1) Will

2) DNR/DNH Do Not Resuscitate and Do Not Hospitalize; needs to be signed by primary care doctor (if relative is at home)

3) Hospice Get signed up NOW!!!  It will be pain management.  These people have the hearts bigger than Alaska.  (if relative is at home)

4) Funeral Home arrangements.  Especially if relative is at home; when your relative passes you will have to call 911, the police and fire/emt will arrive.  When they leave, and you have a case number, then call the funeral home for pickup.

5) Death Certificates, everyone wants a death certificate.  If there are multiple people on a title, and they have both passed you will need one for each person.  

I know this is more info than you may need, or want.  
Link Posted: 5/20/2021 4:58:24 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By FS-FNRL:
I am sorry for your loss.

1) Retirement accounts are NOT part of the estate.

2) $10,000 a year can be gifted tax free.

3) Make sure you have all titles someplace and be ready for paperwork.

I hope that this will be simple transfer of assets and not turn into the nightmare of MINE MINE MINE and attorneys and law suits.

Other things to have ready
1) Will

2) DNR/DNH Do Not Resuscitate and Do Not Hospitalize; needs to be signed by primary care doctor (if relative is at home)

3) Hospice Get signed up NOW!!!  It will be pain management.  These people have the hearts bigger than Alaska.  (if relative is at home)

4) Funeral Home arrangements.  Especially if relative is at home; when your relative passes you will have to call 911, the police and fire/emt will arrive.  When they leave, and you have a case number, then call the funeral home for pickup.

5) Death Certificates, everyone wants a death certificate.  If there are multiple people on a title, and they have both passed you will need one for each person.  

I know this is more info than you may need, or want.  
View Quote


Sad but a lot of good info a above to take heed of.
Link Posted: 5/20/2021 11:14:45 AM EDT
Thanks for the ideas so far.  My brother and I are the only heirs for the significant assets and are co-executors.  We are 100% agreed - and there will be no shenanigans regarding 50/50 split.

We hired an estate lawyer.  We are setting up a revocable trust which will be owner of mom's shares of the family business.  To be honest, I'm not sure what that will do for us.  I need to become educated.

It's nice that I can visit mom now.  I had not been able to visit for a year since they were locked down.  She's pretty unresponsive, but I did get a reaction when I mentioned chocolate.
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