Legal Question in Wills and Trusts in California
I am the only heir to an insolvent estate. There is no cash, only an unocupied 4-unit apartment building and household goods. There are $40,000 back property taxes due with about $400 per month added penalties and fees each month it is not paid. I'd like to keep the property but there is a lot of other debts. Can I loan the estate money to pay back taxes and stop the bleeding and expect it to be repaid first if the property has to be sold?
2 Answers from Attorneys
I am assuming the property has no equity? It is possible that probate code section 10360 et seq could help you. It is a rarely used section of the code which allows for property to be sold and mortgages reduced to pay costs of administration. These 'costs of administration" would include taxes you paid, your fee for serving as Executor and your attorney fees and costs among other things. This is a very technical code section and I would encourage you to work with an expert. Contact me on Monday if you want to discuss your case. -John
If you are the heir, then take ownership of the property and do what you can with it. Does the value of the property less debt exceed $ 150K? If not, then you can obtain title via declaratio and avoid probate. Contact me directly.
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