The federal estate tax at the present time is 35%. This is a significant amount on any estate and there may not be any cash to pay the tax. For example, the estate value may all be in real estate or in a closely held business. Planning is critical to make sure there is cash to pay the estate tax. One planning option is life insurance.
However, if an estate is already in such a situation, no cash to pay the taxes, then extensions may be granted by the IRS. The extensions will be for a "reasonable period" for a "reasonable cause".
Get the expert advice that you need. Contact us at http://www.ythlaw.com/ if you have probate or estate planning questions.
However, if an estate is already in such a situation, no cash to pay the taxes, then extensions may be granted by the IRS. The extensions will be for a "reasonable period" for a "reasonable cause".
Get the expert advice that you need. Contact us at http://www.ythlaw.com/ if you have probate or estate planning questions.
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