Deeded Property Versus Inherited Property
REM # A765
By Ilyce R. Glink
Summary: A ThinkGlink reader is planning on inheriting his parents' farm. He would like to have it deeded to him now to avoid a conflict with his family over the will. Ilyce explains that from a tax perspective, inheriting a property is the best plan.
Q: My parents live on a farm in Missouri and want to give it to me. I understand
the tax implications are better if I inherit it rather than have it deeded to
me.
But I have a deceased brother who left two children and an addict sister who may try to break the will if I inherit the farm without them. In this instance, is it better to have it deeded to me than inherit it and chance the wrath of my relatives?
A: Your relatives are going to be mad either way. What I don't understand is
why you're trying to cut out your dead brother's two children. Shouldn't they
inherit something from their grandparents?
You can accomplish what you're trying to accomplish with a trust and a will.
The tax implications will be much better than gifting you the property now.
Have your parents work with an estate attorney who knows what he or she is doing
and please encourage them to write a letter to your sister and their grandchildren
explaining their actions.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
Revocable Living Trust And A Life Estate Deed
100 Percent Investment Property Loans
Creditors "Charged Off" Credit Account
Changing Name On Title To Home
Refinancing Required By Divorce Settlement
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
