Changes in estate tax laws can be extremely confusing. This week, Sacramento estate planning attorney Kay Brooks answers a reader’s question about how to preserve a mother’s financial assets in the Sacramento Bee column "Ask the Experts."
Q: I’m concerned that Congress may fail to act on the 2013 estate tax law, letting the estate tax exclusion return to $1 million per individual ($2 million per couple). I’m responsible for managing my mother’s estate, which consists of $4.9 million in cash and real estate. My plan is to gift assets so that her remaining assets total $1 million cash, with no estate tax due (hopefully!) when it’s time to settle her estate. How long would you wait on Congress before going ahead?
To read Kay Brooks answer, visit the Ask the Expert column here on the Sacbee.com