gretchenritz@ms
Junior Member
What is the name of your state (only U.S. law)? Colorado
Our parent died 06/08 largest portion of the estate is agricultural property, in a trust in bordering state. That property is also 50% undivided with our parents only sibling. We have just filed 706 and barely under $2 million thus no estate tax due. For some time our parent's sibling has desired separate title/ownership of the property but could not get our parent to agree (but never seemed to be any problem between them). We, the only beneficiaries of the estate/trust, agree with parent's sibling to divide and take separate title to property. We all start investigating agents/brokers and gather facts to come up with a plan of action. Our attorney suggests we wait until we receive letter from IRS discharging liability before we title/separate and sell any parcels. It will probably take six months or so to receive the all clear from the IRS. We,(myself and my sibling) let the other party know we need to wait, just to keep from exposing ourselves to a potential tax liability, we still are willing to title/separate the parcels, only six to eight months from now. We inform the other party and even allow them to meet with our attorney so everyone has all the same information. Now other party has begun petition for partition. We are stunned. I really believe it is some communication problem, because we have not changed our desire for division but only when we can enter an agreement to proceed. So my question is once the petition is filed can it be canceled? Will it keep us from closing the estate if action is continued? We have also been told the cost is shared equally by all parties at approximately 10% of the value of the land (around 100 grand to each half) which seems outrageous to me, and it probably will take six to eight months for all the mess to get through the courts!!! Also, I'm sure it will ruin the relationship with that family member. I'm so sadden by the whole situation, just looking for any suggestions!!!!!!
Our parent died 06/08 largest portion of the estate is agricultural property, in a trust in bordering state. That property is also 50% undivided with our parents only sibling. We have just filed 706 and barely under $2 million thus no estate tax due. For some time our parent's sibling has desired separate title/ownership of the property but could not get our parent to agree (but never seemed to be any problem between them). We, the only beneficiaries of the estate/trust, agree with parent's sibling to divide and take separate title to property. We all start investigating agents/brokers and gather facts to come up with a plan of action. Our attorney suggests we wait until we receive letter from IRS discharging liability before we title/separate and sell any parcels. It will probably take six months or so to receive the all clear from the IRS. We,(myself and my sibling) let the other party know we need to wait, just to keep from exposing ourselves to a potential tax liability, we still are willing to title/separate the parcels, only six to eight months from now. We inform the other party and even allow them to meet with our attorney so everyone has all the same information. Now other party has begun petition for partition. We are stunned. I really believe it is some communication problem, because we have not changed our desire for division but only when we can enter an agreement to proceed. So my question is once the petition is filed can it be canceled? Will it keep us from closing the estate if action is continued? We have also been told the cost is shared equally by all parties at approximately 10% of the value of the land (around 100 grand to each half) which seems outrageous to me, and it probably will take six to eight months for all the mess to get through the courts!!! Also, I'm sure it will ruin the relationship with that family member. I'm so sadden by the whole situation, just looking for any suggestions!!!!!!