Hi, Questions on inheritances, I've read that if you would like to inherit your parent's house tax free solely from your siblings, you must have your parents re-structure their will/trust to soley give you the house and in exchange you must re-compensate your sibling(s) equal amounts of the differences in their shares. For simplicity sake, an example, lets say your parent's house is appraised at $200,000 and you have one sister, and that your parents plan to leave the majority of their estate to you both. Given your sister and parents agree, you would gain the house, give your sister $100,000 of your portion of estate after the time of death assuming the estate was larger than $400,000. If not, you would owe some amount to your sibling, and need to have some sort of arrangement to pay the money back. Does this sound true? If there is lack of agreement, the sensible course may be to sell the property, or perhaps rent it out. If you wait to try to work out details after the parents die, you would owe property taxes to sister if buying her share. Is this correct? I actually have 2 siblings and live in CA which complicates the situation a bit. Luckily our parents have been fairly transparent about their trust. They are in their mid-70s, and have spoken to us at length about what their plan (trust) is: equal shares of the house, money, equities, and miscellaneous grouped out evenly. We (wife/I) are the oldest and in best financial shape of siblings, and would like to discuss with parents/siblings about the house, but are unsure about broaching the subject especially to younger siblings as do not want to cause a rift. Thoughts? Thx.
Some variation:
A coworker has told me there's been some bad blood in their whole family as his wife's grandparents has selected to give their entire estate to her (their grandchild) rather than their children. In this cace the rancor is from one of the Aunt/Uncle..
Some variation:
A coworker has told me there's been some bad blood in their whole family as his wife's grandparents has selected to give their entire estate to her (their grandchild) rather than their children. In this cace the rancor is from one of the Aunt/Uncle..