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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?

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

Posted

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 action is to have legal representation in this matter.

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Posted

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 Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state.

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