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Probate & Inheritance Tax

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M

modiene

Guest
What is the name of your state? IL
MY FATHER DOES NOT HAVE ANY LIFE INSURANCE AND SELL OF HIS HOME WILL PAY FUNERAL EXPENSES. WHAT IS THE BEST WAY TO AVOID PROBATE AND NOT PAY INHERITANCE TAX ON PROPERTY?
 


Dandy Don

Senior Member
Are you even sure that there will be any inheritance tax on this property or are you just guessing that there will be?

You need to be discussing this with a CPA or a tax accountant before or after the home is sold to figure out the best strategy. There is no way to avoid probate, since it will have to go through probate to get the names of the heirs recorded on the title/deed, but the good news is that if the home sells then the profit should be more than enough to pay any inheritance tax, if there is any.
 

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