If my father wants to change all of his property over to his children now, would we have to pay inheritance tax after he passes away?
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If my father wants to change all of his property over to his children now, would we have to pay inheritance tax after he passes away?
Asked on January 15, 2013 under Estate Planning, North Carolina
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
Probably no inheritance tax would be due, unless the value of the property exceeds the federal estate tax exemption and the property transfer was an attempt to evade the estate tax; however there may be some gift tax due; suggest you seek the counsel of a CPA or a probate/estate planning attorney who has a strong background in estate tax application.
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