Legal Question in Wills and Trusts in Louisiana

Re: transfer of property

Normally an inheritance through a trust or even a will is the easiest/best way to receive a gift, especially regarding income tax treatment.

In this case, if all the parties can agree that your grandmother's intent was that the eldest child hold the properties as a convenience for later distribution, the IRS may allow preferable capital gains tax treatment.

The local tax assessor may want to reassess the properties, and if so, a court order may be needed to "undo" the prior transaction and confirm title in the true beneficiaries' names.

Finally, if the person currently holding title doesn't agree to all of this, you may need to sue for title in court.

Re: transfer of property

Attorney Johnson is correct, the best way to effectuate the transfer woud have been through a family trust, unfortunately, that was not done.

Another way to have avoided reassessment would have been for her to transfer the properties directly to a child or grandchild. There is an exception for when this is done. I believe that is why Attorney Johnson referred to unwinding the transactions.

An unwinding may lead to a Probate and this can take time.

Perhaps changing title to joint tenancy with right of survivorship might accomplish your goal, but we would need to sit down and discuss exactly what and who the players are.

Please feel free to write to me directly so we can discuss your issues in a private forum. I can be reached at the email provided by LawGuru or through our firm's site located at PasadenaEstatePlanning.com.

Scott