Legal Question in Wills and Trusts in New Jersey
I'm in New Jersey. I am the appointed administrator and sole heir to my father's estate. I have paid all debt on the estate that I know of except for IRS matters which are the following:
The IRS has liens on a property that I want to transfer into my name, can this even be done? Since the property has multiple liens in place does it have to be paid off with any liquidity the estate may have (which is very little)? The idea is to transfer to property to take out a mortgage to repair and pay off the IRS debt - can I even do this? I have another property with a clean title - can I transfer that now? Or must I wait? What is involved with transferring the property? What if I cannot find the original deed? Should I contact that IRS directly? My father never filed his taxes, hence the liens and I have to go back and file taxes for multiple years, but I think he may even be owed money back, will that be applied to the liens, and should I do that first? I was told I need to have an attorney draw up the new deed and have it recorded, is there a way to do this myself?
1 Answer from Attorneys
Since you are appointed as the Administrator, I assume that your father died without a will.
If that is the case, the real properties are assets of the estate; as such they are "available" to settle the claims of creditors. Transfers of assets without satisfying creditor claims can be considered fraud.
You will have to rectify the IRS liens, whether by paying the debt, seeking a compromise or other remedy.
If the facts are appropriate, you may even seek an insolvency of the estate.
I highly recommend that, at the very least, you seek the consult of an CPA to discuss the tax issues.
Best of luck.
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