I want to pass ownership to my son in case of my death, etc. is there a way to do this without him having to pay taxes on it?

Asked about 2 years ago - Milan, TN

I have a small estate in Tn. Approx 100k value and want to retain ownership until (if) something were to happen to me.

Attorney answers (3)

  1. Joseph Franklin Pippen Jr.

    Pro

    Contributor Level 20

    6

    Lawyers agree

    Answered . You can leave 5 million tax free on the federal level until Dec 31st.
    The exemption could drop to one million next year.
    Taxes at the state level would be minimal(if any).
    You might be subject to income tax on any retirement accounts or untaxed income inside annuities etc.
    Taxes do not seem to a problem in your estate.

    The answer given does not imply that an attorney-client relationship has been established and your best course of... more
  2. Christopher Michael Larson

    Contributor Level 19

    6

    Lawyers agree

    Answered . This is not a transfer that will have Estate Tax implications as it is so far under the current credit amount.

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  3. James P. Frederick

    Contributor Level 20

    5

    Lawyers agree

    Answered . As Attorney Pippen has pointed out, you will not have any estate tax issues, given the size of your estate. Whether there would be any income taxes depends on the nature of the assets. You should meet with an estate planning attorney to determine the best options for leaving your assets to your son.

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more

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