Legal Question in Wills and Trusts in California
sisters inheriting a house form grandpare
Two sisters are to inherit their grandfather's house, his wife and daughter(their mother)are deceased, and he can no longer reside at that location. One sister would like to live in the house, with consent of the other sister and grandfather. At the time of their grandfather's death, can she buy out her sister's interest in the house without the sister having to pay a tax penalty on her portion? And in San Francisco, California, can you avoid reassessment of the property when it is passed on from Parent to grandparent? (I know it is possible from Parent to Child) Please advise. Thank you.
2 Answers from Attorneys
Re: sisters inheriting a house form grandpare
You do not want to transfer the property to the sisters right away, absent an agreement and other long term tax situations. There can be numerous tax savings when someone inherits property, but it must be done correctly.
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Re: sisters inheriting a house form grandpare
i am in contra costa california and thre are some easy answers to your questions --- basically yess to all if all agree and a method of valuation and payment is agreed upon --- documents must be prepared and this should all be in writing --- as to the parent child reassesment as your question states the answer is yes but i think you ment grandparent to grandchild and if so i whoul have to make sure but probably not --- please call if you wish to consult with me as i do work in all the bay area counties --- 925-945-6000
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