 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
What should stepmother do to relinquish deceased husband's interest in heir property?
My father died a year ago in North Carolina. He had a will and left everything to his wife. He shared ownersip of heir property with his siblings. My mother-in-law does not want to continue to pay taxes and would like to transfer her interests in the properties to me and my 3 siblings. Is a quitclaim deed the best way to accomplish this?
|
||||
|
||||
|
Relinquish = gift in the eyes of the IRS, and gets complicated when real estate is involved.
Quitclaim deeds are often used between family members (but I assume she never adopted any of you so you are not family?), and quitclaim just means that there are no guarantees or warranties about the property, in regard to clear title, taxes owed, anything. Without answers to a lot of questions, such as what she will be doing for the rest of her life, and how the 4 of you plan to own and be responsible for the property, you need to talk to a lawyer. In general, gifts of real estate are not a good idea, for her or for you. |
||||
|
||||
|
Because issues of how it was transferred though the estate ( if it was) and that it involves step children and several family members I would seriously suggest a real estate attorney to do deeds for transferring it, The family members getting the property should be willing to pay for this, and it will make sure all the things are done correctly to solve future issues
|
||||
|
||||
|
First, was the will probated? Has the estate been closed?
Second, the relationships here are confusing. You say; "He shared ownersip of heir property with his siblings". That seems to say your father shared the property with HIS siblings so the wife only got his share. Now she wants to relinquish her share to you and your siblings. If probate of the estate has not been completed, this is done differently. If it has, then it means she will have to "sell" the property to you and your siblings, with the tax consequences that go with it. So, essentially we need more and clearer info to be able to help you further. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
In October 2008, my two sisters and I inherited property from my father who passed away in June. I would like to give my interest in the property to a non-heir (not my sisters). Is this possible without having to involve the probate court? I'm assuming I would need a warranty deed as opposed to a...
My husband died about a month ago and I have been going through our bills. He has no estate. He has some credit stuff that needs to be taken care of(that is in his name only. My name is not on anything.) Do I have to pay these bills?
My husband passed away last year at age 42. He may or may not have a 401k, but I have no way of knowing. It was a controlling relationship and he had all that information. We separated right before he passed away, and his sister took all of the important papers. I have contacted 2 employers... one...
Please advise how heir property works, as my aunt has pasted and I've been informed that my grandparents on is heir property to each of my grandparents daughters(3) and my last aunt has deceased and I understand the oldest child of each daughter is the heir to this property in Tennessee. Please...
When I was 3 years old, my FATHER proved my mother "unfit" (Basically, I believe he lied but somehow proved adultery.) and was awarded full custody of me. Two weeks later, he brought me to my grandmother's house (where my mother was living at the time) and told my grandmother that he could not...
View more questions Search
|
