My 87 yr. old father passed away with a 30 year old will. His wife of 6 years is renouncing the will and claiming 1/3 of the estate. As co-executor, we had planned to use "special use" valuation for the farmland, bringing the estate below the $2million amount. However, the step mother has to agree to this and will not, which will make the estate liable for more than $200,000 in estate taxes. Can my step mother be held liable for these taxes, since it is her decision that is causing the estate to be over $2million?
I am in Illinois.
Thank you,
Gabe's Ba
I am in Illinois.
Thank you,
Gabe's Ba