Plano, TX asked in Estate Planning for Texas

Q: I want to leave everything to my wife. But it is a large estate.....$30 million or so. Is it all tax free to her?

If I leave her everything except $2milion to 3 children, is all still free of estate tax?

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4 Lawyer Answers
Tammy Lyn Wincott
Tammy Lyn Wincott
Answered
  • Estate Planning Lawyer
  • San Antonio, TX
  • Licensed in Texas

A: I suggest you sit with an estate planning attorney as you may want to consider setting up a trust as well as other options. Texas does not have an inheritance tax; however the IRS does and that's where it can become complicated very quickly. Whether you are speaking of a few hundred thousand dollars or millions of dollars, I suggest sitting one on one with an experienced attorney to help you accomplish your wishes; please do not rely on the internet for your estate plan.

Nina Whitehurst agrees with this answer

Nina Whitehurst
Nina Whitehurst
PREMIUM
Answered
  • Estate Planning Lawyer
  • Crossville, TN

A: If you leave everything to your wife, no, there won't be an estate tax when you pass because of the unlimited marital deduction. HOWEVER, you will saddle your wife's estate with an enormous federal estate tax if you do that. Most or all of the estate tax at both deaths can be avoided with proper advance planning. See an experienced estate planning attorney soon.

Isaac Shutt
Isaac Shutt
Answered
  • Estate Planning Lawyer
  • Richardson, TX
  • Licensed in Texas

A: I agree with the prior answers. The short answer to your question is "YES," you can do this without estate tax. However, it wouldn't be automatic. You definitely need an estate planning attorney in your area to get this drawn up correctly. Doing so could literally save millions of dollars.

Terry Lynn Garrett
Terry Lynn Garrett
PREMIUM
Answered
  • Estate Planning Lawyer
  • Austin, TX
  • Licensed in Texas

A: No. Please consult a local estate planning attorney, preferrably one with an Ll. M. in tax.

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