Legal Question in Wills and Trusts in South Carolina

Dividing the Estate

I am the Personal Representative of my mother's estate. My brother and I are equal heirs. The estate consists of one house and land at $110,000 and some money in the bank. My brother states he has no interest in the house and land.

It is now my home. He wants me to buy him out but at a current market value after my cleaning, painting, and hauling.

Do I have to buy him out or can I assign the house and land to myself and compensate him with my check for $55,000?


Asked on 5/14/99, 5:50 pm

1 Answer from Attorneys
WILLIAM BRANDWEIN WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.

Re: Dividing the Estate

I AM NOT AN SC ATTORNEY. HOWEVER, THE LAW IN MOST STATES AND THE FEDERAL INCOME TAX LAWS DICTATE THAT THE BETTER APPROACH IS TO DISTRIBUTE THE PROPERTY TO THE 2 OF YOU, AND THEN YOU PURCHASE HIS HALF. THE RESULT OF THIS IS THAT YOU COMPLY WITH THE LAWS OF DESCENT AND DISTRIBUTION, IF NO WILL, AND THE WILL IF THERE WAS ONE, WITH A NON-TAXABLE TRANSACTION AS YOUR BROTHER'S BASIS FOR GAIN OR LOSS IS THE FAIR MARKET VALUE AT DATE OF DEATH WHICH IS THE PURCHASE PRICE

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Answered on 5/19/99, 11:20 pm


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