What is the name of your state (only U.S. law)? New Jersey
Hi,
My grandparents are both deceased, no surviving children, but 12 grandchildren who inherited the estate. The estate only consists of a house that one of the heirs has lived in for 26 yrs.(which is not worth much monetarily, but sentimentally) and a possible open lawsuit that was opened on behalf of my grandfather while he was alive. The house eventually ended up in foreclosure and I had to use 4k of my own money to help get it back. So, my questions are how do we go about relinquishing our share of the property to specifically the one who lives in the home, for tax purposes but still maintain rights to any monies if the property is sold or money from the lawsuit comes through? Is this doable or not? And if not doable, will I be able to relinquish but still stake claim to the 4k if the estate does get monies?
Hi,
My grandparents are both deceased, no surviving children, but 12 grandchildren who inherited the estate. The estate only consists of a house that one of the heirs has lived in for 26 yrs.(which is not worth much monetarily, but sentimentally) and a possible open lawsuit that was opened on behalf of my grandfather while he was alive. The house eventually ended up in foreclosure and I had to use 4k of my own money to help get it back. So, my questions are how do we go about relinquishing our share of the property to specifically the one who lives in the home, for tax purposes but still maintain rights to any monies if the property is sold or money from the lawsuit comes through? Is this doable or not? And if not doable, will I be able to relinquish but still stake claim to the 4k if the estate does get monies?