Legal Question in Wills and Trusts in New York
monies from a parent
My mother wants to sell her 1/2 of a 2 family house to my older brother(who already owns the other 1/2).My mother, then wants to give the proceeds to her other 4 children. This will mean $160,000 to be divided 4 ways. Will we have to pay taxes on our share? What protection does she have to take so that my brother does not try to evict her once he owns the entire house?
2 Answers from Attorneys
Re: monies from a parent
It is very generous of your mother to make this inheritance available to you now, before she passes, and avoid any tax issues.
1. No, no taxes need be paid on a gift of this anount.
2. There are several ways for your mother to protect herself. A contract provision in the transfer of deed or a life estate drafted into the deed. This does not exhaust the possibilities.
I would be happy to discuss the options with you in a consultation for no fee.
Re: monies from a parent
Your mother can protect herself by making a conditional transfer of her share of the house.
This will remove it from her assets for Medicaid purposes but keep the stepped-up basis for her heirs when she dies.
It also allows her to change her mind.
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