Legal Question in Wills and Trusts in New York

Disposition of Home

An older relative desires to leave her home and her personal things or their value to her three relatives, is there a way to do this which would result in a lower tax consequence to her and/or the three relatives before her death, or should her will instruct the executor to sell the house and its contents and distribute the proceeds in the manner directed in her will ?


Asked on 4/26/00, 3:53 pm

1 Answer from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: Disposition of Home

The financial information will drive the answer. First what is the home worth? Second, what is the value of the estate? If the estate is less than $675,000, there is no Federal Estate tax, and the choice is yours. Otherwise, you need an estate planning tax attorney to answer your question.

Ronald J. Cappuccio, J.D.,LL.M. (Tax)

http://www.taxesq.com/

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Answered on 6/09/00, 11:44 am


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