When she dies I want him to continue to live in her house. He and I will inherit the house when she dies. Her estate is very small. I want to protect him from taxes. Should I buy the house now, have her will the house only to me, keep things the way they are, other suggestions?
2007-11-01 08:12:35 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Leave things the way they are, with one or both of you inheriting the house - that way if you ever sell it, your basis will be it's value as of when your mother dies - if she gives it to you now, your basis would be what she paid for it, plus any improvements. It might be simpler if she wills it just to you rather than joint ownership, but that depends on what your brother's handicap is - might not matter, if he's capable mentally of managing his own affairs.
She won't owe any estate taxes anyway unless her estate is over $2 million, and it doesn't sound like that will be an issue.
2007-11-01 08:50:30 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
A good idea would be to transfer the property into a "life estate" for your mother. Upon her death, the property will transfer over to you/brother/both of you. Taxes should not go up along with assessed value, which is good because that also keeps taxes low. I think this would be your best bet, and it would also make her feel at ease knowing in the back of her mind that she is safe within her very own home that she has worked so hard for all of her life. Hope this helps :)
2007-11-01 08:48:56 · answer #2 · answered by ★ Vaginal Discount ★ 4 · 0⤊ 0⤋
I would probably transfer the house before she dies, so you don't' have to worry about probate.
Talk to a real estate attorney...they can help you more.
2007-11-01 08:41:03 · answer #3 · answered by Kristy Lynn 6 · 0⤊ 0⤋