What is the name of your state?What is the name of your state? NEW YORK
I've a couple of questions: 1) Mother and youngest sister share a home that is soley in mother's name. It is listed in will that home is to be shared by all 3 siblings, with the youngest (40) having lifetime use. My question is this, would it be better to have mom quit claim to all 3 of us as we are ok with the lifetime use. Should she sell then it would be split. The house is free and clear.
2) There is a nearly 6 figure annuity. Can mom gift any of that out for tax reasons. There will be 3 surviving siblings and 6 surviving grandchildren ranging in age from 14-21.
Any thoughts would be appreciated.
Thank you
I've a couple of questions: 1) Mother and youngest sister share a home that is soley in mother's name. It is listed in will that home is to be shared by all 3 siblings, with the youngest (40) having lifetime use. My question is this, would it be better to have mom quit claim to all 3 of us as we are ok with the lifetime use. Should she sell then it would be split. The house is free and clear.
2) There is a nearly 6 figure annuity. Can mom gift any of that out for tax reasons. There will be 3 surviving siblings and 6 surviving grandchildren ranging in age from 14-21.
Any thoughts would be appreciated.
Thank you