- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Inheritance/ Estate Tax question
Posted on 7/15/14 at 2:06 pm
Posted on 7/15/14 at 2:06 pm
What taxes would be owed if the estate is in Louisiana?
2
Posted on 7/15/14 at 2:15 pm to The Mick
Depends on size of the estate. Most common answer is zero.
Posted on 7/15/14 at 2:17 pm to Cold Cous Cous
LA estate tax went away for deaths occuring after 2004.
Posted on 7/15/14 at 2:22 pm to CHSBears
That's what I thought I read, LA phased out. Also, the estate is actually over the federal threshold. My understanding is 40% federal estate tax would apply to everything over the threshold, correct? So there is nothing in LA then at all?
Also, do the heirs have to pay any income tax on that money?
Also, do the heirs have to pay any income tax on that money?
Posted on 7/15/14 at 2:43 pm to The Mick
quote:
Also, the estate is actually over the federal threshold. My understanding is 40% federal estate tax would apply to everything over the threshold, correct?
Was decedent married at time of death? If so, were there any trusts set up under will? If so, that should remove any estate tax at "first death". If not, portability options should be looked at.
There is no LA inheritence tax.
Heirs don't have to pay income tax on distributions of estate property as of the time of death. However, if the estate carries on for a while, and the estate earns income, someone has to pay taxes on the income it earns.
If you have someone with a federal estate tax liability, you need an attorney and probably also a CPA who can handle such issues. Estate tax valuation and taxation issues can be pretty complex.
Posted on 7/15/14 at 3:00 pm to LSUFanHouston
quote:No. Widower for 30+ years.
Was decedent married at time of death?
quote:awesome
There is no LA inheritence tax.
quote:Awesome. There will be some interest by the time its liquidated/distributed but shouldnt be a big deal.
Heirs don't have to pay income tax on distributions of estate property as of the time of death. However, if the estate carries on for a while, and the estate earns income, someone has to pay taxes on the income it earns.
quote:Yes we have attorneys and cpa's handling it I was just wanting to confirm my understanding.
If you have someone with a federal estate tax liability, you need an attorney and probably also a CPA who can handle such issues. Estate tax valuation and taxation issues can be pretty complex
This post was edited on 7/15/14 at 3:01 pm
Posted on 7/15/14 at 4:34 pm to The Mick
Louisiana does not have a separate estate or inheritance tax. The taxes that an estate might owe are the estate tax and the generation skipping transfer tax.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News