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?
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?