Q: To avoid taxing on a coin collection worth thousands, it's prob best to avoid the appraisal process and divide
the collection among beneficiaries in the meantime UNLESS an heir believes the collection wouldn't be appraised appropriately all together at a later date after regular Estate is closed
A: This appears like a conclusion rather than a question. However, to the extent this is a question asking whether a Personal Representative can/should avoid appraising an asset to avoid tax, that would be a very ill-advised course of action. A Personal Representative has an obligation to appraise everything in the probate estate.
Maryland has both an Estate tax and an Inheritance tax. Estate Tax does not apply until the value is above $5 Million, so a coin collection worth thousands of dollars (or even hundreds of thousands of dollars) would not involve estate tax unless the entire estate was over the $5M threshold. Whether or not an inheritance tax will be charged in Maryland depends on the relationship of the receiver to the person who died. If the people to inherit are all children / grandchildren there would be no inheritance tax in this state. If the beneficiaries are distant relatives they or unrelated to the person who died they would typically be subject to inheritance tax (whether the property passes through the probate estate or outside it).
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.