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  • Jul 8, 2008, 01:44 PM
    mygrammaisgreat
    Inheritance tax liability on sale of home
    My gramma, who lives in Illinois, has put a stipulation in her will that upon her death she wants her house sold and the proceeds divided amongst her 5 children. What is the tax liability of her children? Thanks.
  • Jul 8, 2008, 02:37 PM
    JudyKayTee
    Quote:

    Originally Posted by mygrammaisgreat
    My gramma, who lives in Illinois, has put a stipulation in her will that upon her death she wants her house sold and the proceeds divided amongst her 5 children. What is the tax liability of her children? Thanks.


    What is the size of her estate? Does she have enough other assets to cover her debts? Does she have a spouse?

    She could avoid the whole question through a properly worded Deed and the house would pass outside the Will. Obviously you would need an Attorney.

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