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what are the federal estate tax and gift tax implications when…

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what are the federal estate...
what are the federal estate tax and gift tax implications when quit claiming farm property?
Submitted: 8 years ago.Category: Estate Law
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Answered in 17 minutes by:
6/10/2010
Estate Lawyer: Law Pro, Attorney replied 8 years ago
Law Pro
Law Pro, Attorney
Category: Estate Law
Satisfied Customers: 24,870
Experience: 20 years experience in estate and trust planning, probate, and wills
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Who would you be quitclaiming the property to and for what amount of money?
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Customer reply replied 8 years ago
my father would be quit claiming his half interest in farm land and buildings to an llc that his children formed. value is approximately 800,000.
Estate Lawyer: Law Pro, Attorney replied 8 years ago
OK. That's a completely different matter than transferring it to the children directly.

As such he would have to pay a gift tax on the transfer to the LLC of 39% - that's the rate for gifts between $750K and $1,000K.

So, I don't think that's really what he wants to do with the property. Why the LLC?

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Customer reply replied 8 years ago
what about his lifetime gift tax exemption of 1mm? LLC was formed years ago to purchase other property/assets from our father
Estate Lawyer: Law Pro, Attorney replied 8 years ago
I'm going to opt out for another expert to assist you. I don't want to be erroneous in my statements to you.
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