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tribufed SO per cent towards the costs of the operation over the years. Surviving wives are now presumed to have contributed half and the burden of proof is on the IRS to prove otherwise before federal inheritance taxes can be applied on the entire farm.
Federal taxation is “quite steep,” noted Albrecht, and often heirs run into problems with paying the taxation before they can inherit. Providing for the payment of federal taxes on an estate is “probably as much reason for entering into a will as anything else...Inheritance taxes statues are not the most advantageous in terms of the tax burden on the survivor,” he commented. , As an example, Albrecht said the tax rate was 18 per cent on estates with a net value of $10,000 and 30 per cent on a net value of $100,000. When life insurance, business interests and the family home are considered, he maintained that it wasn’t hard for an estate to leap into the $250,000 bracket.
In 1977, inheritance statutes were changed to allow a 50 per cent or $250,000 marital deduction to the surviving spouse and a $30,000 tax credit, according to Albrecht. The high marital deduction was awarded so as not to create an undue burden on the surviving spouse, he said, adding that estates passing outside the family or to adult children were taxed to the fullest.
He advised anyone drawing up a will to seek advice from
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