Mother’s death prompts look at home inheritance

Ilyce Glink and Samuel J. Tamkin

It is helpful to have an estate attorney and tax advisor assist with estate planning.

Q: I am 60 and reside in Maryland. My mom handed away just lately, and my dad is 87. They jointly owned their principal residence and the property finance loan is paid out in full. My dad’s will leaves the dwelling to me and my two siblings.

Need to I or a single of my siblings put our name on the deed and/or title of the home now? Striving to lower the probate procedure, strategy ahead, and limit taxes when my father passes. Thank you.

A: As we’ve discussed a lot of instances, you are frequently far much better off inheriting assets than using a quitclaim deed to place your identify on title.

From a tax standpoint, when you inherit house, you obtain it from the estate at its recent current market worth fairly than at the cost foundation (commonly the price tag paid out by the owner). If you turn all over and provide the assets within just a yr, you will very likely have no funds gains tax to pay.