Lou will discuss probate, land trust, and inheritance tax.
Question: If my house is in the land trust and it’s worth $600K and I pay away how much inheritance tax does my beneficiaries have to pay?
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For more valuable information click on this link and watch the complete episode: https://youtu.be/krgxwW2XmBg – “How to Protect Your Wealth from Biden’s Inheritance Tax”
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Having Tenants Leave Your Property in Better Condition than When You Gave It to Them
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Scott Paton (50:55):
Excellent. So we have one last question we’re just running out of time and make sure by the way you join us every Wednesday at one o’clock, 1:05 Eastern we go live in Technicolor, same bat channel, same bat time, and Mary Ann, you get the honor of the last question.
Scott Paton:
If my house is in a land trust, and it’s worth 600,000 and I pass away, how much Inheritance Taxes my beneficiaries have to pay?
Lou Brown:
Under current laws, none. And that’s the federal level. It’s also subject to State Taxes. Now, different States have different rules for what the state charges on. And like I said earlier, there could be Inheritance Tax. There could be a State Tax. So, depending upon which state you’re in, there could actually be a double tax at the state level. But at the federal level, under current laws, there is no Inheritance Tax.
Scott Paton:
Now, there would be probate, right?
Lou Brown:
There would be probate. So the good news is, if you have your property in trust, as you suggested, then that would avoid probate. That would avoid probate because you already decided who’s going to get it. So therefore, you don’t need any courts, any judges, any attorneys, any delays or an expense you’ve already set up your trust. You’ve already said, who’s going to get it. And therefore, the operation of probate, the delay, the expense that’s eliminated because you are smart enough to learn about trust.
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