Starting a TX LLC to avoid inheritance taxes
Apologies if this is the wrong forum. My mom is based in PA and so is subject to inheritance taxes. She wants to buy some property near me in TX and she suggested we put her and my name on the property so to avoid any inheritance tax. I might chip in with 20% of the capital. Questions:
1. Is the above legal and possible?
2. If we don't go this route and just buy it in our names, can we still avoid inheritance taxes?
3. What type of business should I set up? At a state level or federal?
4. Is it possible to get a loan in the name of the business? I have other rental properties in my wife and my name.
5. If we don't open a business, how do we recognize the rental incomes or losses on our tax return? I file jointly with my wife and she files jointly with my step-dad.