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**it has hit the fan

September 1st, 2005 at 05:55 am

Well I spoke too soon regarding sister and the bank executor. The bank executors are going to send us each letters describing what they are going to do and how much they're charging for the pleasure. According to sis (who hates them, so not an objective source), they want to charge 4% of the gross estate instead of 2% due to added complexity and environmental issues. I'm thinking its to offset the extra gas its gonna take to drive those 8 miles from the bank to the farm. Actually, since it is real estate and farm stuff and I know about 3 environmental issues already, I would believe and buy off on the 4%.

What worries me is that sister was telling me about an inheritance tax that kicks in for estates above $650,000. I'll have to ask for clarification - simple searches on the Wisc Dept of Revenue list in big letters - No Inheritance Tax since 1991. I guess its time to gird the loins and whip up another brilliant innocent letter...gee, I don't understand, from my research neither WI nor the Feds is levying an inheritance tax.... Smile Wish me luck!

Spending log - 1.65 coffee + 7.00 lunch + 3.00 bubble tea

Saving log - 4.00 tip box

2 Responses to “**it has hit the fan”

  1. Anonymous Says:
    1125586673

    Baselle, Check out these two links from Smart Money and Money, respectively. I think that an estate needs to be >$1.5 million to be hit with Federal tax. Not sure what the state level is. Hope these help...

    http://www.smartmoney.com/tax/homefamily/index.cfm?story=estatetax
    http://money.cnn.com/pf/101/lessons/21/

  2. Anonymous Says:
    1125632703

    Yep, that's exactly where I was getting my information from.

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