I am fixin’ to die owning nothing. I have a trust set up but it is much simpler for everyone if everything conveys before I croak.
From: Steve Jones Sent: Monday, July 5, 2021 11:15 AM To: AnimalFarm Microwave Users Group Subject: Re: [AFMUG] OT: family house He was a detailed guy, so we figured it would be arranged. But he just left all assets to his daughter but nothing was in a vehicle to pass it down as I understand. My parents did something we all had to sign that put all their properties into us siblings ownership already so we dont have to deal with much. Lawyer said I cant evict them though. Its illinois so i assume it will end up having to sell, which is a shame. But it will ensure my cousins kids have funded college and she can have a comfortable retirement. That's good. It just sucks all the master craftsmen are gone from the family, so that's the last family built home we will see. On Sun, Jul 4, 2021, 5:03 PM Bill Prince <[email protected]> wrote: It's going to depend on your state and county WRT the tax rules. The fact that he didn't have a trust is going to work against you. That will also affect whether there will or won't be probate. You need to consult with an attorney for the best course of action. If all the other (potential) beneficiaries have different ideas, you may have to liquidate in order to split it up. Good luck. bp <part15sbs{at}gmail{dot}com>On 7/4/2021 2:28 PM, Steve Jones wrote: My uncle just died, has a real nice property in the country we built a nice home on nice garage, shooting range, group firepit, huge garden, tons of fruit trees. His daughter isnt planning to move back, and I assume his homestead exemptions on property taxes will be nulled. How does one keep a family property in the family without the massive real estate tax burden? The location is prime for the company I work for to put up a tower to penetrate an are we never have been able to get into. So there is the option for a small bit of revenue to the estate, but nothing like what the property taxes will probably be. Anybody ever deal with this type of thing and how to make it affordable to keep the home in the family. This has always been a gathering spot for the family and would be cool to hold onto. (Assuming the daughter decides not to just sell it) Is there such a thing as a family trust where family members can pay into for the recurring costs like taxes, utilities and property maintenance? I'd buy it, but my banker doesnt have that kind of sense of humor, besides I couldnt afford the gasoline to keep it mowed, let alone the real estate taxes. -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com -------------------------------------------------------------------------------- -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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