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| 6. Does the Estate have to Pay Estate Tax in Every Estate?
The answer is no. Under Federal Law enacted for 2002, estates of $1,000,000 gross value, and under, pay no Federal Estate Tax. In estates that are over $1,000,000 in gross value, the representative of the estate must file a tax return and pay the estate tax within nine months of the date of death of the decedent. A Federal Estate Tax Form 706 is usually prepared by the probate attorney or probate accountant. On the state level, California has an estate "pick up" tax that is based upon the federal estate tax and is a dollar for dollar credit against the federal tax paid. The estate does, however, have to continue to pay income tax on monies that it earns after the date of death of the decedent, regarding its size. |
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Copyright © 2002
by Nancy Pack-Rayman and Michael Norman Saleman
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