Legal Question in Wills and Trusts in New York
My dad is getting his estate in order. He owns his home and it is paid off. He has 9 children but wants to leave the house in my sister's name. She does not have much financially so we are worried about money she might have to pay. Is there a good way to protect her from paying capital gains taxes in the house?
1 Answer from Attorneys
She should inherit at the true value when dad passes. If she sells at same price no capital gains. The house value will be included in probate costs which could be large. Dad can do a new Deed now adding her for 1% interest and providing she becomes full owner on his death. By doing this she will get 99% on his death so there should be minimal capital gains if sold by her. This will only cost the Deed preparation and recording fees.
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