. . . do they have to pay gift taxes on their portions that they are giving up? Or can they just transfer it over to the trust for the disabled sibling and then be trustees as well as beneficiaries? There are three siblings, one of whom is disabled. They are inheriting their mother's home, where the disabled adult sibling has lived most of her life. The disabled one would have some money from the small estate, but not have enough money to buy the house from the other two.
2007-03-01 08:38:23 · 3 answers · asked by Joyce 2 in Politics & Government ➔ Law & Ethics
Usually there is something written in state laws for gifts like this to one who doesn't make money. I would contact your local government and explain the situation. If this doesn't work, you can sell the house for a crazy cheap price. My neighbor just bought her house from her husband (who they jointly owned it) for 10,000. I live in Washington State, so things may be different in other states.
2007-03-01 08:47:35 · answer #1 · answered by Serena 5 · 1⤊ 0⤋
Inheritance laws vary from state to state. There will probably be some taxes that will have to be paid. This would be the responsibilty of all of the heirs. There is probably nothing wrong with all agreeing to allow the disabled sib to live in the house, but you should put it in some sort of contractual form.
2007-03-01 16:47:17 · answer #2 · answered by fangtaiyang 7 · 0⤊ 0⤋
You've asked a variation of this question before. You're not likely to get any better answer by asking it again. Why don't you consult with a solicitor/lawyer?
2007-03-01 17:53:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋