Legal Question in Wills and Trusts in New Jersey
If a house is an asset to the estate and to be divided amongst the beneficiaries, can one beneficiary sell their portion to the other for a $1.00 to simplify them qualifying for a mortgage? thank you.
Asked on 1/24/12, 1:03 pm
2 Answers from Attorneys
Larry Raiken
Larry S Raiken LLC
A beneficiary can sell their interest but doen't the beneficiary want to be compensated. I would suggest that you call my office,set up an appointment so we can review your options and the tax consequences.
Answered on 1/24/12, 1:37 pm
Walter LeVine
Walter D. LeVine, Esq.
I agree with Larry. This can be done, but does the beneficiary signing off really want to do this for free, or is he/she being compensated through other assets?
Answered on 1/25/12, 10:19 am
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