Have Tax Questions? Ask a Tax Expert for Answers ASAP
I am grateful for your answer Merlo, I was not totally honest, because I did not want anyone reading this answer. I have been handling my Dad's estate and it has been a total cluster.
Can you keep this off the web? I have been through several attys, whew, get different advice each time.
My dad died in a year that had 1.5 mil in unified credit, his estate was worth appx 3.5 mil. He left everything in a trust except for making specfic bequest of a house to his girlfriend. The estate paid approx $353k to the dime in estate tax. The house was sold and I held half the proceeds until I got the 706 finalilized. Does the girlfriend have to pay any tax on the proceeds of the sale of this house? Why can't we pick which assets pour over the unified credit? jake