Legal Question in Wills and Trusts in Florida
My mother died 10/24/15. In December 2015 Dianne (my sister who is a will and estate attorney in CA) got an estimate for my moms condo from a real estate agent. Her opinion was it worth 205,000 which is what Dianne used as the date of death value. We got another estimate for 230,000 which Dianne refused to consider. She used the 205,000 The condo, all assets, cash, etc was in a trust. My mom had no debts. Dianne could not decide is she wanted purchase the condo until now (probate is almost over) and wants to buy it for $208,000 (the value as of the date of death). The condos shave significantly risen in price and the average market value for her condo is $268,00. We (bother and myself) offer to her at $243,000. Dianne wants to the pay $208,000 because that is value at the of death. Are we being unfair? We're at the end of the probate. Thanks. Bonnie
3 Answers from Attorneys
Not sure what Mr. Slater was referring to. The value of her estate at the time of death is one thing but the purchase is another. I suggest you close out the estate and then if she wishes to buy the condo, she can buy it at fair market value as each of you will own a one-third interest in the property. She can either buy you out or you can sell to her less her share.
The value at time of death only affects any Estate Tax, if any. It does not fix the amount you have to sell the property at at any point in time. The sale is an arm's length transaction. Suggest you contact an attorney to assist you.
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