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.
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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.
Quote:
Originally Posted by mygrammaisgreat
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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