Hi-
My father is putting his house in his kids names next week. He sold another piece of land and wants to give the money from that sale to the 3 kids. Can i have my name on his house and still recieve 12,000.00 cash this year before 2011? Or would i have to wait until January 2011 to get the cash from the sale of land?
Thanks
1 Answer from Attorneys
You should really speak with a Trust and Estates lawyer on the best way to do all this. There is no way to answer this without someone sitting down and looking at this. The tax savings, in every case I have seen, have more than offset the cost for the attorney fees. For instance, it may pay for him to set up a trust giving him a life estate to live in the house, but quietly bypass the will and "slide" right over to the kids upon death (and no publicity for relatives who may be jealous)...should the trust be revocable it may be taxable (but flexible) or irrevocable?...should life insurance be taken out to pay estate taxes? Should bank accounts be set up as Totten Trusts or jt accounts? And so much more
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