jerseybred
Nov 23, 2010, 11:25 PM
My father and his girlfriend inherited a house. They immediately gave the house to my brother and me (without our consent or knowledge at the time) and attached a life estate to the deed for each of them. My brother and I kind of just ignored the whole thing after we found out about it. My father recently died and now his girlfriend has been acting very badly towards my brother and me. They never lived in the house and rented it out to an old family friend. Now she wants to rent it out to somebody else. The thing is, my brother and I do not want to pay taxes, insurance and upkeep on this house for what may well be 30 years and not realize any benefit. Today's market value would probably only be around 45,000. How can we get rid of this house? Nobody wants to buy it with a life estate attached. If we can sell it to the girlfriend for little to nothing, what kind of taxes are my brother and I looking at. If we give it to her, what kind of taxes are we going to owe. I would like to realize some money from this but it is more important that we just some how come out even (my brother and I do not have any money). It seems to me you shouldn't be able to just give real estate to somebody without their consent and signature. If that was always the case, "Joe Smith" could be able to give his toxic mold laden, asbestos filled, condemned house to his worst enemy and not be bothered with it anymore. I live in West Virginia and this all seems to be legal here. I have consulted an attorney, but she seems to not be much help.