Where Not to Die This Year
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Q. I own a home in Bethesda, MD, but was told I should sell it and move to another state. My 96-year old best friend Sheila insists that “it is expensive to die in Maryland” and I'm beginning to think she is right. Sheila lives in DC, and from what I gather, it is expensive to die there too!
As of now, the property will be left to my only daughter, Adrienne, when I pass away. With the new tax laws, will she have to pay estate or inheritance taxes on it, and if so, how much will it be?
Critter Corner: Gift Tax Limit for 2019
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Our daughter is getting married, and she and her fiancé are buying a home. She asked if my wife and I could contribute what we would pay for a wedding ($30,000) towards a home instead, since she only wants a simple exchange of vows at the courthouse. When it comes to taxes, what are the new gift tax numbers for 2019, and are there any problems giving such a gift to a child?
Order Books by Evan Farr, 4-Time Best-Selling Author
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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