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Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2677
Experience:  Litigation Attorney with education focus on estate planning and tax
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Grandpa left s property to my mom. After he passed it went

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Grandpa left his property to my mom. After he passed it went from mom to me. Do we owe gift taxes since it went from grandpa - to his daughter- then the property went in my name? We live in California and at this point I am considering doing a cash out refinance from another property and putting a mortgage on the property that went from grandpa to mom to me but I don't want any surprises in the process.
I'd be willing to pay and meet with someone in my area - if anyone can help. The atty. that did grandpas trust I detested!!! So I'm a little gun shy but I need help.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Christopher B, Esq replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

There is no inheritance tax to a beneficiary in the state of California, estate and gift tax is paid by the grantor or the grantor's estate. Each person can give away $15,000 per year, per person without any gift tax implications. Each person has a lifetime exemption of $5.43 million (meaning all lifetime gifts plus the value of the estate at death has to be more than that amount before estate/gift tax is due by the grantor). So unless your mother's estate was very significant, it is unlikely that any estate tax would be due by your mother.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site. (There should be smiley faces or numbers from 1-5 next to my answer, an excellent or good rating would be fantastic.)

Expert:  Christopher B, Esq replied 1 year ago.

Did you close this? I see that you viewed my answer, could you provide a positive rating so the site will reimburse me for my time?

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