An odd thing happened with death taxes. Something about being between laws governing and it boiled down to the year 2010. Anyone dying during that year and their beneficiaries were not taxed at all.
In my case, my mother died during that year and there was no federal tax nor reporting required on it. The Georgia tax implications were tied to what the Feds took. Essentially the entire inheritance/estate taxes were nil. From my understanding, it was just that year, 2010.
From my understanding, it was just that year, 2010.
depends entirely on state law...I can assure you, Pennsylvania is not tied to the Federal threshold; it is (or was, 2011) 4% on dollar one, to non-spousal beneficiaries regardless of Federal status...
somene should look up state laws regarding death taxation; it would probably presage the Trump/Clinton electoral vote distribution in November...
Under Bush a law was passed gradually decreasing the death tax to zero for one year. Then it went back up.
Yes, George Steinbrenner picked the perfect time to die. His family benefited greatly from the filing of his demise.