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real estate only asset want to buy out other heir

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cgc1959

Junior Member
What is the name of your state?PA

I am executor of my grandmothers' estate. Th only major asset is her house which was left to my sister and I. She also left $500 to her brother. Right now there are about $5000 in expenses and inheritance tax of approx $4000 that have not been paid. We can not pay these thing until the house is sold because there is no $ left. However, I want to buy my sister out of her 1/2. The value of the house is $90000. If I paid $45000 for her interest I could pay the expenses out of that but the distribution to her would be less . Should I pay the expenses out of my pocket and then work out a reimbursement from her for 1/2? Is there a simple way to do this? Is there a Family settlement agreement that we could file?
 


JETX

Senior Member
cgc1959 said:
Should I pay the expenses out of my pocket and then work out a reimbursement from her for 1/2?
That is purely an accounting issue and has NOTHING to do with the law.

Is there a simple way to do this?
Yes. Have an attorney draw up a simple purchase agreement.

Is there a Family settlement agreement that we could file?
If you mean to include the sale and transfer of the property, no.
 

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