Cannot pay estate tax

Taki · 1 Cannot pay estate tax Thu May 05, 2011 2:40 pm

Taki

Arresto Menor

Posts : 24
Join date : 02/01/2011

My dad left a property 7 yrs ago but we cannot afford to pay the estate tax. What we plan to do is to establish a business and have it leased and just divide the income among the surviving heirs.

Now, is there a legal implication to this plan?

as the time goes penalties and interest accumulates and the more we are not able to pay it. can we just keep the land under my deceased fathers name forever?

attyLLL · 2 Re: Cannot pay estate tax Fri May 06, 2011 8:52 pm

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

at some point, the BIR might notice, or worse, you'll want to sell it, or worse, one of the heirs wants to sell it, and much worse the kids absorb the problem and cousins will hate each other. those are the implications.

wait for a time when they declare a tax amnesty again like in 2005.

Cannot pay estate tax

1 Cannot pay estate tax Thu May 05, 2011 2:40 pm

Taki

2 Re: Cannot pay estate tax Fri May 06, 2011 8:52 pm

attyLLL