Michigan120503
Junior Member
What is the name of your state? Michigan
My dad just passed away a few weeks ago. My parents' house is in both their names, so it automatically goes to my mom now, which isn't a problem. My dad did NOT have a will, so luckily this was not an issue.
But if my dad didn't have a will, I'm sure that my mom doesn't either. I am an ONLY CHILD. What does my mom have to do to ensure I get the house when she dies, with minimal tax liability to me? As of right now, I would not plan on selling the house. I'd like to keep it and use as a vacation/weekend getaway, and maybe retire up there when that time of my life comes. Of course, that might change as years go by, but right now, that is what I would want to do.
Should she have a Will and leave it to me? Should she have a Trust? Should she just add my name to the title now? If she died without a Will, would the house go to me as her only surviving descendant?
What are the pros/cons of each of these scenarios, A) if I keep the house forever; and B) if I were to sell the house at some point ? What Inheritance and/or Income Taxes would I be liable under each of the scenarios?
The house is paid for, so there is no lien/mortgage on it. It has been in my family forever - my grandpa built it. The SEV on it according to a recent tax bill was only like $20K, and I KNOW it's worth way more than that just because of the location alone. The house is probably 100 years old, and was last remodeled in the 80's, but it sits on a prime riverfront site. Numerous people have asked my parents over the last 20 years if they'd want to sell it and they never did. My dad was born in that house, literally.
What would be the best, lease expensive thing for my mom to do?
My dad just passed away a few weeks ago. My parents' house is in both their names, so it automatically goes to my mom now, which isn't a problem. My dad did NOT have a will, so luckily this was not an issue.
But if my dad didn't have a will, I'm sure that my mom doesn't either. I am an ONLY CHILD. What does my mom have to do to ensure I get the house when she dies, with minimal tax liability to me? As of right now, I would not plan on selling the house. I'd like to keep it and use as a vacation/weekend getaway, and maybe retire up there when that time of my life comes. Of course, that might change as years go by, but right now, that is what I would want to do.
Should she have a Will and leave it to me? Should she have a Trust? Should she just add my name to the title now? If she died without a Will, would the house go to me as her only surviving descendant?
What are the pros/cons of each of these scenarios, A) if I keep the house forever; and B) if I were to sell the house at some point ? What Inheritance and/or Income Taxes would I be liable under each of the scenarios?
The house is paid for, so there is no lien/mortgage on it. It has been in my family forever - my grandpa built it. The SEV on it according to a recent tax bill was only like $20K, and I KNOW it's worth way more than that just because of the location alone. The house is probably 100 years old, and was last remodeled in the 80's, but it sits on a prime riverfront site. Numerous people have asked my parents over the last 20 years if they'd want to sell it and they never did. My dad was born in that house, literally.
What would be the best, lease expensive thing for my mom to do?