We bought a house in 2001 and have had it rented out since then. We bought for $157,000 and it is now valued at $550,000.
1) If we sell our rental and put the remaining proceeds in a joint bank account with our two adult children, does the money have to go through probate if both my wife and I pass away? (Do they have immediate access to the proceeds?)
2) Are the proceeds subject to inheritance tax?