QUESTION
How can I limit tax liabilities when inheriting property?
Asked on Feb 10th, 2011 on Estate Planning - California
More details to this question:
Are their less tax implications upon my mother’s death if my mother’s rental property is owned jointly by me before her death?
1 ANSWER
1 Award
Assuming your Mom has a living trust and the trust owns the house, you would be better of tax wise by inheriting the house through the trust when she passes than being a joint owner now. If you become a joint owner, you will avoid probate when she passes but may have to pay significantly higher income taxes when you sell the home.
Answered on Feb 10th, 2011 at 6:43 PM