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 stay in Maryland. My mom handed absent lately, and my father is 87. They jointly owned their key residence and the home finance loan is paid out in comprehensive. My dad’s will leaves the dwelling to me and my two siblings.

Need to I or one of my siblings put our name on the deed and/or title of the home now? Making an attempt to decrease the probate method, prepare ahead, and reduce taxes when my dad passes. Thank you.

A: As we’ve reviewed several situations, you are frequently far much better off inheriting house than making use of a quitclaim deed to place your title on title.

From a tax standpoint, when you inherit assets, you receive it from the estate at its recent current market worth somewhat than at the charge foundation (typically the price paid out by the proprietor). If you convert all-around and sell the home within a 12 months, you will likely have no money gains tax to shell out.