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[quote=Anonymous][quote=Anonymous]That sucks if they didn’t do estate planning. State estate taxes can have a very low exemption rate so they might owe the state. A marital deduction trust is standard with assets over a certain amount. Parents with a taxable estate should be passing it down to the next generations by way of gifts, education, whatever. And you don’t pay taxes your parent's estate does. [/quote] OP here, yes it would be taken from the estate, but the tax comes off the top before being divided by heirs. Parent has a trust but that doesn’t change the amount owed to the IRS. Prior gifts had to be declared and offsets the exemption (they gave me a couple hundred thousand 30 years ago and apparently filed a form on it with the IRS and apparently the IRS still would remember this). I’ve consulted with their estate attorney on it. Yes they should have given a bunch to the grand kids and bought me a house, private island or whatever, but didn’t. [/quote]
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