Paul Adam on Wills and Estates: Estate Tax

There are 3 basic ways in which most simple Estates may be required to pay taxes.

1. If all or part of your state is being submitted to Probate, you'll need to pay what's called an Estate            Administration Tax on that portion.

2. If you have to sell property or shares in a corporation, your state may need to pay Capital Gains            Tax on the proceeds from the sale of that property. 

3. Lastly your Estate will need to file a tax return for the year in which you die until your Estate is            wrapped up and all of the money is paid out.

- Paul Adam, Toronto

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