Legal Question in Wills and Trusts in Mississippi
Real Estate probate
The only property my mother owns is a house which is registered in ''the estate of my deceased father'' She and I are the only heirs to his estate. Upon her death I would like to avoid probate and limit my inheritance tax burden. Is it better to transfer title into my name before her death? also we have thought of selling her house before her death assuming her tax liablity is lower beause of her advanced age, then put money into a joint account so at her death I woul dhave access to the accoutn withour probate
1 Answer from Attorneys
Re: Real Estate probate
It is unlikely that your mother's estate would be subject to an inheritance tax. If your mother's property is transferred by her passing away, her heirs will have a step up in basis on the property so that they will only be taxed on the difference between what it was worth at the time she passed away and the selling price. Otherwise, the capital gain if any will be taxed on the difference between the selling price and her its tax basis for her. Generally, I would expect the cost of probate should be less than what you would lose by the taking the actions you are considering. The best thing you can do now is to encourage her to have a will done in order to minimize the cost of probate.
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