how to avail lesser tax for the transfer of realty (lot and house}from parents to his children while the donor is still alive.they say that inheritance tax is higher so my father decided to subdivide it while he's still alive.whats the best thing to do to avail of lower the tax?is donor tax ok?
2007-09-09 19:59:59 · 3 answers · asked by bel c 3 in Business & Finance ➔ Renting & Real Estate
I would have your father do a Living Will & Trust so that the taxes will be more apt to stay the same.
He could then name who he wants to take care of his real property and personal property so that the family that is left won't have to go through Probate.
2007-09-09 20:17:01 · answer #1 · answered by Anonymous · 1⤊ 0⤋
That is a question for attorney's. I would suspect that a living trust would be part of the answer. You should pay for a lawyers time. This is very sensitive area, you must do this type of activity through a competent attorney.
2007-09-10 03:08:16 · answer #2 · answered by tacos53 2 · 0⤊ 0⤋
You don't say where you are so it's not possible to answer your question. This is a global forum.
2007-09-10 03:08:50 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋