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Strategies & Market Trends : Retirement - Now what? -- Ignore unavailable to you. Want to Upgrade?

To: Nazbuster who wrote (118)	5/10/2005 10:36:54 PM
From: Drygulch Dan	Respond to of 288

I've noticed the elderly are sometimes particularly rude in many respects.<g> That reminds me, I don't think I've ever received the final agreement from the govt for our mother's estate and I asked for a expedited settlement. Hope they don't come back to bite us. The guy we used was a county court appraiser that we hired privately. But my estimation of his work is that he always appraises on the low side by about 15 - 25%. I had used him before in a prior estate. His charge this time was about $3500 if I can recall correctly, there were six properties involved, three out of his local area, but all in Calif. The out of area appraisals were spot on. I suspect he relied on others to get these appraisals.

To: Nazbuster who wrote (118)	5/10/2005 11:46:51 PM
From: Drygulch Dan	Read Replies (1) \| Respond to of 288

I'm confused with your issues here. Your professional appraisal either was valid and based on comparables or he can be censured by his/her approving board (at least here in CA) and possibly sued. In any case, if it appraised at $800K on date of death and sold at $975K, you had long term (due to inheritance) gains of $175K to pay cap gain taxes upon based on the stepped up basis. Here in CA they grab some at the point of sale now. So whether you pay it based on death date appraisal in the 706 tax, or at the point of sale you are paying quite a pile of taxes in either case. One goes to the Feds (but is shared with the state). The other gets reported to both and taxed by both. The only difference is the slightly lower cap gain rate compared with estate tax rate. What was the death tax exemption level in Nov 2002? Our mom died in Jan 2003, bless her soul.