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Permalink Reply by VSC DeSoto South on September 14, 2008 at 4:44

If I won property with minerals under lease, pass away in 2 years, and leave my children the land, will my children pay inheritance tax in LA and to the federal government?
Is their anyway process I can work on now, to avoid this if it will happen, or to lessen the amount due?
Someone recently suggested I take out enough insurance to cover any taxes due, due to the transfer of ownership. To see a tax professional to estimate taxes due under different scenarios then buy that amount of insurance + wiggle room, so that the heirs have the money to pay taxes and can receive the land and other properties without needing to shell out money or risking losing it to tax -misadminisration. Would this be a good idea?

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Permalink Reply by Martin on November 22, 2008 at 10:32

Just a layman at this, but just got through with my father's estate. No federal estate taxes unless the net value is several million dollars. If there is a La. inheritance tax, the value of the LA portion was below the tax threshold. Real estate in La. will require an adjunct succession. To be sure check with a CPA in your state of residence and in LA. But you do need a will in insure that your estate is distributed as you wish.

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