Selling Share of Estate

[engineerbabe]

What is the name of your state (only U.S. law)? Penna

My father recently passed away. He left his estate in three equal shares to my two sisters and me, with the three of us as co-executors. The estate's only significant asset (that I'm aware of) is a house worth about 250k. He had debts that total around 50k.

My sisters tend to fight about everything. They will no doubt do the same about how to handle the estate. I see a long and expensive legal battle ahead fought over anything either one of them and their lawyers can think of.

I'd like to just get out so I can focus on my children and work and figure the best way (if it's possible) is probably by selling my share to one of my sisters. Can this be done? Are there any alternatives to selling my share?

Could I sell my share without
#opening myself up to being taken to court by the sister I didn't sell to for breach of fiduciary duty or something else
#being tied to the debts they run up thru legal fees they charge to the estate or problems that crop up with the house due to it just sitting there untended
#giving up my claim to any hidden assets (hidden by one of the sisters) that magically appear later on, like a life insurance policy or 401k

thank you for your time and help

Emma

 

[tranquility]

Can this be done? Are there any alternatives to selling my share?

You can sell your share. Sister(s) are the only ones who might buy.

#opening myself up to being taken to court by the sister I didn't sell to for breach of fiduciary duty or something else

You can always be hailed into court. But, selling your share (alone) would not be a fiduciary breach.

being tied to the debts they run up thru legal fees they charge to the estate or problems that crop up with the house due to it just sitting there untended

I'm sure whatever price your sister might give you will include the problems in the calculation.

giving up my claim to any hidden assets (hidden by one of the sisters) that magically appear later on, like a life insurance policy or 401k

You're selling your portion of the house, so, no. If you sell your portion of the estate, then, yes.

 

[Zigner]

If you turn out to be the beneficiary (or co-beneficiary) of a life insurance policy or a 401k policy, you would not be giving up your rights by selling your portion of the estate.

 

[engineerbabe]

Tax Consequences

Is there a double jeopardy tax-wise for selling your share of an estate, or part of the estate (the house)--as in you will have to pay inheritance/capital gains on the portion of the estate, and then be taxed again for the price you sell your share for.

 

[tranquility]

I'd say no, but there are assumptions. Give numbers.

 

[OHRoadwarrior]

Offer to sell 1/2 of your 1/3rd to each sister for cash plus 1/3 of the debts. Pay off the debt and walk with your portion.