Is there a way to calculate an estimated amount of money that an estate is worth, based on the amount the executor paid to the courts regarding inheritance tax?

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Is there a way to calculate an estimated amount of money that an estate is worth, based on the amount the executor paid to the courts regarding inheritance tax?

The executor made a payment to the court in order to receive the early payment discount for inheritance tax. He paid $36,000; there is a 5 % discount if paid in 3 months but as I understand it that could just be a partial payment of the taxes or all of it. Is there an amount that the estate would have to be worth at the least, because of the amount paid?

Asked on September 3, 2012 under Estate Planning, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The way to ascertain what the value of an estate is worth based upon the $36,000 estimated tax that the executor paid with respect to the matter that you have written is to go online to see what the federal estate tax rates are for estates which are set up in ranges of value and then do "reverse engineering" to come up with a value of $36,000. The same holds true for state tax rates if applicable.

Since a probate is a public record you could simply go down to the court house and pull the file on the estate you have written about and review the inventory and value of such presumably filed of the estate since $36,000 has been paid per your answer to see what the estate has been valued to date. Another option is to simply call the executor to see what the estate has been valued to date.


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