Any Estate Lawyers Around? (1 Viewer)

[yak651]

My mom passed away a week ago.  Haven't dived into financial stuff 2 deep yet but one of the items was the house.  My brother agreed to buy it for a set amount and then pay the remaining siblings and equal share of it (it's actually with the will stuff and a simple document was notarized with the price and how much he would give each of us).  We are all good with this, I'm just concerned if he pays us it's going to look like a gift and he'll end up being taxed on the amount (approx $35k each).  Is this a valid concern?  None of us need the money so no rush to get this figured out, would prefer to just do it ourselves as we all get along but I guess if we need to pay a lawyer we will do that.  We are in WI if that matters.

 

[ChiefD]

Sorry about your mom. May she rest in peace.

 

[Zegras11]

My mom passed away a week ago.  Haven't dived into financial stuff 2 deep yet but one of the items was the house.  My brother agreed to buy it for a set amount and then pay the remaining siblings and equal share of it (it's actually with the will stuff and a simple document was notarized with the price and how much he would give each of us).  We are all good with this, I'm just concerned if he pays us it's going to look like a gift and he'll end up being taxed on the amount (approx $35k each).  Is this a valid concern?  None of us need the money so no rush to get this figured out, would prefer to just do it ourselves as we all get along but I guess if we need to pay a lawyer we will do that.  We are in WI if that matters.

Sorry to hear of your loss.   I'm not an attorney, but I am a RE agent.   If she left it to all of you, and then he's agreeing to buy everyone out, then I don't think there are any taxes as the cost basis of the home steps up to the market value when it was left to all of you.   If she left it to just your brother, and your brother has agreed to pay you each $35k, then I'd talk to an attorney and a CPA.