Some estates in Louisiana must pay an estate transfer tax. Those over $60,000 in total worth typically have this taxation.
The responsibility to ensure payment of the estate transfer tax falls on the heirs, who hold all accountability for this process. The report must be made in full and payment paid within nine months of the death or before filing a federal estate return.
Within the report you must file, you need to include information about the deceased person and the estate. You will include the person’s name, address at the time of death and social security number. You also must report the estate value and calculate the amount of tax due. If the deceased had safety deposit boxes, you also need to include them in the report along with details on the contents. If you do not include some assets in the report, you must provide details on them as well. You also must note if you filed a federal estate tax return.
Calculation of tax
The estate tax rate depends on the federal estate tax. If there is a state death tax credit, you will then have to pay state estate taxes. The actual calculation formula comes from the IRS, so you can seek information from the agency’s website.
As with any taxation, it is imperative to ensure you file on time. If you miss the deadline or fail to file, you could face penalties as it is your responsibility as an heir to file it. You share this responsibility with all other heirs.