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Thomas McJD
Thomas McJD, Tax Attorney
Category: Tax
Satisfied Customers: 6504
Experience:  Experienced Tax Attorney
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My husband died without a will.Some accounts do not have

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My husband died without a will. Some accounts do not have a beneficiary. Also owned a small rental property as a LLc with his sister, thus I must claim 50 % as part of his estate. Should my adult daughter file a disclaimer on the or take estate . The value with the LLc o f the estate will be approximately 1.4 million, The amount that we believe has no beneficiary is approx. 700,000 including LLc. We live in NY-


 


we will probably inherit 3m from my family

Submitted: 11 months ago.
Category: Tax
Expert:  ratioscripta replied 11 months ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am very sorry for your loss.

Can you please be more specific - what are you asking here, exactly? How to proceed with probate? Or who is to file for probate, or what?

Should my adult daughter file a disclaimer on the or take estate .

I am not sure what you mean here by 'disclaimer.'

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 11 months ago.


I will file for letter of admin. to begin the process of settlement of the estate in a timely fashion.


 


Since part of the estate bank/brokerage accts do not list a beneficiary as well as the portion of property co-owned by sister- my daughter is eligible for 50% of that portion of the estate. She is willing to disclaim any portion of the estate thus I will become sole heir. Is this in our best interest tax wise, and then in future when she will have a larger inheritance. She has no need for the cash

Expert:  ratioscripta replied 11 months ago.
Nikki,

What state is this in, please?
Customer: replied 11 months ago.


New York


 


Would taking a marital deduction help offset NY Esytate taxes

Expert:  ratioscripta replied 11 months ago.
Nikki,

This seems more of a tax issue and I am going to move this to the Tax category. I am going to opt out of your question and open this up for other experts.

Your JustAnswer Account has not been charged for this conversation and your question is back in the queue. You do not have to stay online for the question to be active. Should an expert pick it up, you should be alerted via email and/or SMS (text message) unless you actively disable these features.

There is no need for you to reply at this time as this will "lock" your question back to me, thus inadvertently delaying other experts' access to it.

My apologies for any inconvenience and good luck...
Customer: replied 11 months ago.

 


thanks

Expert:  Thomas McJD replied 11 months ago.
Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

If she is entitled to any property of the estate, then only what's over $1 million would be subject to estate tax. Thus, she would not need to disclaim everything she's entitled to. She could do a partial disclaimer. The rest would go to you tax free as part of the unlimited marital deduction.

If she disclaimed everything, then assuming it all goes to you there is no estate tax -- again the unlimited marital deduction.

You could then file a federal estate tax return for his estate within 9 months to elect portability of his estate tax exemption. That would give you $5.25 x 2 = $10.5 million to play with on the federal side. Then, something to consider is planning to begin gifting portions of the total estate over time so that upon your death you don't have more than the then applicable NY estate tax exemption of $1 million. That would allow you to avoid federal and state estate tax on your death.

Even if she only makes a partial disclaimer, it would be good for you to work with a local attorney to file the federal estate tax return, claim his unused exemption amount, and implement a gifting plan at once or over time to shrink your estate so that your estate avoids NY estate tax on your death.
Customer: replied 11 months ago.


Thanks so much - Iwas perplexed when I was advised (too many helpful friends have rallied to the cause) that she should claim the 50% of the undefined estate funds.


 


Shall I file for the letter of admin. or can I just prepare a nice package for the attorney ?


 


 

Expert:  Thomas McJD replied 11 months ago.
I would just try and prepare all the information for an attorney. Then let the attorney know that your daughter is willing to disclaim all or a portion of anything she might be entitled to in order to minimize NY state estate taxes. Then, let him know you're interested (if you are) in electing to port your spouse's unused federal estate tax exemption amount and in then implementing a gifting plan to decrease your estate size so that there will be no estate taxes owed on your death.

You have a lot of complicated moving parts and really should not try to do this without an attorney. Avoiding estate taxes on $2 million over the exemption amount will save you several hundred thousands dollars. Trying to do some of this yourself (and not doing it correctly, which is quite easy when it involves complicated tax issues) could cost you all of those tax savings.

Does that answer your follow up question? If not, just let me know. Thanks.
Thomas McJD, Tax Attorney
Category: Tax
Satisfied Customers: 6504
Experience: Experienced Tax Attorney
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