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| *The Commerce Journal>>>Other Taxes |
Does Leona Helmsley's dog have to pay inheritance tax? |
Does Leona Helmsley's dog have to pay inheritance tax? No, the dog does not pay inheritance tax. Nor do her grandchildren who were left $5 million each. Her estate will pay estate tax at 45% of the total transfers over $2 million. This is actually a small amount amount relative to her total estate. While much is being made of the $12 million left in trust to care for her dog ... we are over looking is that she left approximately 99% of her $4 billion estate to charity. So what she left for the dog was less than 3/10 of 1% of her estate. BTW, the $12 million stays in trust in perpetuity to maintain her mausoleum. I don't know, I was kind of wondering that myself. Leona's estate is obviously way over the limit for paying estate tax - the estate pays that, not the beneficiary, whether dog or human, for federal. The money was left in a trust for the dog's care - the trustee will be responsible to ensure that annual returns are filed for the estate on any earnings from the money. If a state inheritance tax is due from the beneficiary rather than the estate, the trust would take care of that also. I was wondering if her brother will just drop kick that ankle nipper and keep the ca$h The money is left to the dog in a trust with instructions for the care of the dog. The trust files a IRS Form 1041 (Trust return). By the way the dog does not take a personal exemption. Now is that fair. |
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