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Author: angelbuggy Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Inheritance tax Date: 4/18/2000 1:13 AM
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<< My mother just died and left me a small amount of money. How do I find out about inheritance tax and how to plan for it. I live in IL. >>

Talk to the executor. If you're the excutor, talk to an attorney.


Also, in general, if the estate is valued at less than $675,000 (in 2000), no federal estate tax will be due UNLESS your mother used up her "unified credit" by gifting large amounts of money while she was alive. If so, she should have been filing Forms 709 (U.S. Gift (and Generation-Skipping) Tax Return) to document the gifts and her use of the available credit. (Form 709 is not required, however, for gifts of $10,000 or less made to any one person, no matter how many are given. These are excluded from gift tax.)

State laws are all different so you'd need advice from a C.P.A. or an E.A. who knows your state tax laws.

angelbuggy, E.A.

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