Tax Avoidance question on Inheritance - Posted by Stacey

Posted by Stacey on December 01, 2000 at 13:46:37:


I would appreciate some help on an upcoming inheritence my sister and I will be getting from my father (he is terminally ill). My dad has a property in Silicon Valley that is valued at $3.3 million, plus he has $500k in stock/cash. I would like to find out if there is a way to avoid paying ‘death’ taxes on the property. My sister and I are his legal conservators. Can we put the house in some kind of trust? My sister plans on moving her family into the property and cashing me out for half the value when the inevitable happens to our dad. But if we have to pay a big chunk in taxes, the property will have to be sold to pay it.

Thanks for any help on this!