QUESTION
Can I transfer Michigan land to my dad's estate from my mom's estate before transferring it to myself?
Asked on Nov 10th, 2021 on Real Estate - Michigan
More details to this question:
I am PR of the both my parent's estates and I bought my brother out. My mom died first in 2011 and the Michigan Land and Wisconsin home are in her name. My Wisconsin Probate Lawyer used a PR deed to transfer the house to my deceased dad who passed away in 2017, then another PR deed to transfer the Wisconsin house to me. I didn't think you could transfer a property to a deceased person? Can I transfer the Michigan land to his estate and then to myself using PR Deeds? I know Michigan is not a community property State but my dad died 6 years after my mom and it would have went to him. If I can transfer the deed to directly to myself because it wasn't community property, does that affect the cost basis of the land? Thanks in advance for any direction.
1 ANSWER
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Nothing here is an opinion about your rights in WI.
Assuming you are still the PR of the Estate in Michigan, you have the power to transfer Michigan property.
With regards to the tax consequences, I am not a tax lawyer and suggest you speak with a tax professional but the basis of property is typically calculated at the time of transfer. In this case, depending on the deed, it might have transfered twice if the deaths caused two events of transfer. However, if the deeds had right of survivorship, only once.
I also reccomend consulting with a probate lawyer in both states.
These kinds of complications are perfect examples of the money and headaches people avoid when they do proper estate planning.
Best lf luck to you.
Answered on Nov 10th, 2021 at 6:14 PM