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My ex husband and I divorced in 2008 and share 3 grown children. His

My ex husband and I...
My ex husband and I divorced in 2008 and share 3 grown children.
His net worth is about 5 million, mostly real estate.
My net worth is 15 million, most of that is the value of my business.
I am 51 and my ex husband is 67 and in poor health.

my ex's lawyer says we should remarry to save estate taxes.
Is this true?

Thanks
Dawn
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Answered in 33 minutes by:
10/30/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

Your husband's estate is roughly the amount of the estate tax exemption - he's not taxed on $5.2 million of his estate

Megan C :

however, that $5.2 million is reduced by any gifts that he gives during his life in excess of the annual allowances

Megan C :

If you remarry, and he passes away, his estate would go to you tax free because estates transfer to spouses free of tax

Megan C :

so, it could make sense to get remarried if he planned on passing his estate to you anyways.

Megan C :

If he was going to pass his estate to his children, then this would not be a benefit.

Megan C :

It would actually be more beneficial if you were the one who passed first, because your net worth is much higher.

Megan C :

Hello...how are you today?

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Megan C, Certified Public Accountant (CPA)
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