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 B. Adam, Toronto
Visit our Toronto Law Office website: www.wiselaw.net
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