T
tigger21
Guest
What is the name of your state? CA
My mother passed away recently without a will. Her only asset is equity in her home. My father has not lived with her for several years, although they were never seperated or divorced. Since the deed states "joint tenancy" the house will go to him.
Since Dad is on Medi-cal, he can not have assets of more than $2000. He would like to sell her house (no one lives in it now) and divide the money left after paying funeral expenses etc. between himself and the 2 children with the agreement that his share would be kept by one of the children to provide for any long term medical care etc. he may need in the future.
What are the tax implications of him giving the proceeds of the sale of the home to the children? Is it considered inheritance from our Mom? Or must Dad "gift" it to us?
Would it be better to have one of the children purchase the house from him for a small amount?
My mother passed away recently without a will. Her only asset is equity in her home. My father has not lived with her for several years, although they were never seperated or divorced. Since the deed states "joint tenancy" the house will go to him.
Since Dad is on Medi-cal, he can not have assets of more than $2000. He would like to sell her house (no one lives in it now) and divide the money left after paying funeral expenses etc. between himself and the 2 children with the agreement that his share would be kept by one of the children to provide for any long term medical care etc. he may need in the future.
What are the tax implications of him giving the proceeds of the sale of the home to the children? Is it considered inheritance from our Mom? Or must Dad "gift" it to us?
Would it be better to have one of the children purchase the house from him for a small amount?