The $105,000 Question
Letitia James claimed the estate’s gross value was $105,000, subtracting the mortgage to declare no estate taxes owed. In her 1999 petition, she stated: “There are no Federal or State Income or Estate Taxes payable by the estate.”
While this valuation placed the estate below the federal and state estate tax exemption thresholds of the time ($500,000 federal, $108,333 New York), legal experts note that estate tax returns are often still required, particularly when real property is involved.
Strikingly, the public record contains no evidence that James ever filed a federal Form 706 or New York ET-706 estate tax return. Her flat-out statement that no taxes were due — unaccompanied by documentation — may constitute a misrepresentation or at least raise serious questions of transparency and compliance.
Further complicating the matter, is the 13-year delay by Letitia James on probating her father’s estate, which is both remarkable and without explanation, suggesting potential concealment or misuse of the property.
Moreover, if she collected rent or claimed homeowner benefits during this extended period, it could constitute a breach of fiduciary duty or, at the very least, unauthorized possession of estate assets.
