QUESTION
What is the Louisiana law? What are children entitled to, the value of property at death or fare market value
Asked on Oct 28th, 2020 on Estate Planning - Louisiana
More details to this question:
Father died many years ago, mother had usufruct rights over several properties(homes). Two children inherited our fathers half. Our mother wants to buy us out of our share of the homes. So, are we entitled to the value of the property at our fathers death, which was many years ago or we entitled to the current market value? My fathers lived and died in Louisiana.
1 ANSWER
2 Awards
According to the Internal Revenue Code, you would receive the current market value and be taxed on the difference between that and the value on the day your father died.
Answered on Oct 29th, 2020 at 5:11 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.