Estate - Jumping Title?
Working with a family to purchase a home willed by parents to daughter. Daughter is also executrix of estate. Their attorney is telling them that if the house is sold through the estate, the daughter will not have to pay estate taxes. However, since the property was also bequeathed to the daughter, it sounds like the deed must first go in her name before property can be sold. I want to do a seller-finance deal, but I want / need the title in her name. The young/inexperienced attorney who rents from me said he didnt think this sounded kosher, so I thought I would ask here - Can daughter sell the house as executrix with proceeds going to the estate or does house have to go in her name first and then sold? Either way, there will be estate taxes, right? Thanks, Giggles
The daughter has to sell the house through the estate and the estate will give her the proceeds from the house. If the estate is under I believe $2,000,000.00 there will be no estate tax.
Thanks for the answer. . .so, then, how do I get her to Seller Finance me?
The nice daughter wearing two hats can do anything she wishes. The attorney who I assume is experienced in probate matters and is also capable of setting things up so that probate will not have to be created.
Advise him of the desire which I assume for the good of your soul is mutual. Just why she would do such a thing I cannot for the life of me imagine why. Perhaps by doing an owner financed deal she can somehow or other aleviate the tax load? Check things in your state. OOOPs have the attorney check. Charge him with the task let him work it out.
I can give you solutions in California no where else. Each state is different.
Cheers Lucius
Lucius has the correct answer. The way you convince her to give you financing is that you figure out what she wants and you give it to her. Perhaps she would rather have a monthy check for 30 years than a lump sum. Then you have a chance. Perhaps she's planning to move into the house herself. Then you are up the proverbial minor tributary without a means of conveyance. But you cannot determine your status until you know hers.