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Campfire Kahuna
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Originally Posted by Raeford
Originally Posted by Pharmseller
Mother in law’s checking account is joint with both me and my wife.

The other sibling agrees that his sister be in control. It’s not disinheritance, it’s stewardship. He’ll be taken care of.

So a will isn’t necessary, but transfer upon death for the house would do it?

Hope that is the case for y'all.

Money does odd things to people, my brothers and I are seeing it firsthand with our moms husband.

Her will was clearly laid out and they both had agreement that her stuff was hers and his was his[they both had grown & gone children when they married].
She housed him for 39 years, which helped facilitate him to buy and sell properties at as he wished since he only needed to help with regular living expenses.
At her death last year he was worth at least double what she was but has since decided he wants a piece of her estate.

Money does odd things to people.


Dang.


Not uncommon though.


I am MAGA.
GB1

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There are some nuances to consider and some times it helps to have some advice from an attorney and a CPA. I assume that as her house is paid off, she may have owned it for awhile. The question I would have for a CPA would be: What are the capital gains implications and stepped up basis possibilities of going through probate versus a transfer on death? There are pros and cons to probate. It takes time and money, but it also cuts off claims against the estate. Probate of my dad's estate took 13 years, probate of my mom's estate took 6 months. A lot depends on the circumstances. A good attorney is most helpful in asking the right questions, although I've seen circumstance where that didn't happen.

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A Beneficiary Deed transfers the house on death at the stepped up value. There are no capital gains tax implications at all. None.


Every day on this side of the ground is a win.
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Originally Posted by antlers
A Beneficiary Deed transfers the house on death at the stepped up value. There are no capital gains tax implications at all. None.


Be careful with this. Some things have been changed regarding inheriting primary residences of parents.

This is part of the Secure 2.0 act.

Google it and see what it entails.

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It entails assets (including the house) that are held in an irrevocable trust that are not otherwise included in the estate at death for estate tax purposes; in those instances, the stepped-up basis can be lost.

Regardless, most folks don’t need to be too concerned about estate taxes, since right now the first 13 million dollars or so are exempt. Note: it’s already planned by the criminals in charge of our government to cut that exemption in half in a couple of years.


Every day on this side of the ground is a win.
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