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My father's wife passed away this past February and at that time she was his sole beneficiary. He has just informed me that he would like for me to be his executor of his estate which include property in Nevada and several hundred thousand dollars in a checking account that was his wife's but is now his. My father is 92 and he doesn't believe that he will live past this year although to listen to him over the phone you'd never know it. I live in South Carolina and had never known him growing up since he and my mother divorced when I was very young and he moved out to Las Vegas. I did ask what wishes he wanted me to carry out and he told me that he just didn't want the state to acquire his estate and that I could do what I saw fit. Is there anything I should be discussing with him or any strategies I he and I should be putting in place before he passes away? What should I understand about estate taxes? Are there certain amounts of money that at some point get taxed but not below a certain level? Does his living in Nevada and my living in South Carolina effect anything that I should be aware? Anything at all that anyone can put forth information wise on this would be much appreciated.
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