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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121351  
Subject: Re: Estate tax pickle Date: 9/20/2000 7:29 PM
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FoolInThePinez: "The situation:

Mother and Daughter 1 are JTROS on an account worth $500k. There are 4 daughters altogether. The other 3 daughters are not named on the account.

Mother passes on just recently.

Mother's estate ( from federal estate tax point of view ) is ( according to the lawyer ) this $500k account + some IRAs + a house. This total is > $700k.
( This total is after all possible marital deductions
are accounted for. Mother was married at the time of death. )

( This $700k is to be distributed evenly among the daughters. Mother's spouse gets his share through marriage deductions. )"


700k/4 = 175k. How does daughter number 1 feel about giving away 325k (500 - 175)? Or probably more because estae tax may well be paid out of remainder with estate. Will daughter 1 do so? Are other daughters willing to wait for dollars within limits of annual exclusion? If not, do they intend to somehow compensate daughter 1 for using up a portion of her lifetime credit (exclusion)?

Unfortunately, this is a mess, IMO.

Chris Riser (criser) has made some excellent posts about JTWROS - see this board post numbers:
25880
26191
26235 (summary)
26624
28448

I do not have any others handily marked, but you might also search the Inheritance board (in this folder) and the Estate Planning board (in Speakers' Corner), especially for posts by criser.

Hope this helps. Regards, JAFO

Regards, JAFO



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