In article <Xns9A1B89B13D4E0avocatstuyahoofr[at]130.133.1.4> ,
Stuart Bronstein <spamtrap[at]lexregia.com> wrote:
- quote -

$24,000 or $48,000, depending on whether or not the brother is
married.

Seth

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Paul Thomas, CPA wrote:
- quote -

Excellent advice. If state law tracks federal law, the heir will
have nine months from the date of death to exercise a qualified
disclaimer. When that is done, the disclaimed property passes as if
the named beneficiary died before the decedent.

- quote -

Depending on the exact wording of the deed, it might be as simple as
recording a certified copy of the death certificate. But you really
should have a lawyer go over the deed to be sure.

- quote -

Excellent analysis.

- quote -

I suppose he could sell it to her for market value, and take back a
note for which the payments would be $12,000 per year or less. The
problem with this is that someone will be responsible for paying tax
on interest payments that are never actually made.

Stu

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KSB wrote:
- quote -

this by notifying the executor in writing (best to have his
signature notarized) that he is disclaiming any inheritance from
his mother's estate. Under federal law, this must be done within
9 months from date of death. States that still tax estates or
inheritances may have an earlier deadline.
All of the above assumes that your wife would remain as the sole
heir. I.e., there are no other contingent beneficiaries.

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"KSB" <kblech41[at]gmail.com> wrote
- quote -



Well, the full step up in basis happens upon the death of the owner. So
that's a non-issue as far as I know.

The issue is a legal one, in that if he were to just disclaim the
inheritnace, what laws prevail (the will or state laws) as to who gets the
amount he would have inherited. It's probably worth talking to a lawyer
(you probably should have done this earlier) about this matter.




- quote -


Same process as above. Talk to a lawyer in that state - one familiar with
estates.


If he can disclaim the inheritnace and it would go to her by will (as if he
predeceased her), then that's the easiest way to go. If his disclaiming the
inheritnace would send those assets to his wife or children, then you
probably don't want to go that method. Again, the will or state law will
guide you through the what-iffs here.

Otherwise, he inherits it and gifts it to her (he'd have to file a gift tax
return though).





--
Paul A. Thomas, CPA
Athens, Georgia

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My mother-in-law recently passed away leaving an estate worth about
$400K in
securities. According to the will (which has been probated) the assets
are
to be split equally between between my wife and her brother. My wife
is
sole executor. My brother-in-law (the co-heir) has stated he does not
want
any of the financial assets (he is independently wealthy), only some
of the
personal assets (mementos) which my wife, as executor has no problems.
How
do we transfer the financial assets (stocks, bonds, etc) to my wife's
name
so that she get the full basis value as opposed to 1/2 with the other
half
as a gift from her brother (which would potentially cause him a future
gift
tax problem).

In addition, both my wife and her brother now jointly own a
condominium
apartment valued at about $350K titled with them as owners and my now
deceased mother-in-law as life tenant (on the title). Again, how do
we
transfer the property to my wife at full basis.

Let me clearly state that the are no family disputes here, but we do
want to
avoid any in the future.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >