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Please help Question on ownership and taxes

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C

charrin

Guest
My uncle wanted me to be the co owner for his mobile home in case of death. He is my uncle by marriage and his wife(my aunt) died two years ago. He is dying of cancer and upon death will the mobile home and possesion be mine completely. The mobile home is paid for and he wants me to carry out his wishes which is in a sealed envelope. I have the power of attorney and also beneficiary on his $3000 insurance. I want to know what will be my obligation with the taxes, etc. The insurance money is for part of his burial and I will try the best of my ability to carry out his wishes but I do not want have extra cost out of my pocket. Please let me know before I start handing out anything. We live in Illinois.
 


W

wowie

Guest
I am not an attorney and not a CPA. . . .

Estate tax and law are evil beasts. I don't know that answers to your questions. But I do know that handling an estate, even a small one, offers all kinds of complex issues. If I were you, I would find a decent attorney that you could consult before your uncle dies. There might be some things that he could do that would make your life much easier when he acutally does pass on.

Good luck and god bless.
 

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