oldest child
Junior Member
New Jersey
My 85 year old mother wants to sell my brother her vacation home for $1.00. The lawyer she consulted said my brother will have to pay 'a lot' in taxes if she does this. My brother would be keeping the house, not selling it. The lawyer advises her to put in her will that my brother has the option to take the vacation house as part of his third of whatever inheritance is left after her death. My sister and I thought this would be a simple transaction-my brother would take over the expenses, responsiblilty etc. Did my mother get bad advice? Is she confused as to what the lawyer told her? If you have any experience with this type of transaction, I'd appreciate input. thanks.
My 85 year old mother wants to sell my brother her vacation home for $1.00. The lawyer she consulted said my brother will have to pay 'a lot' in taxes if she does this. My brother would be keeping the house, not selling it. The lawyer advises her to put in her will that my brother has the option to take the vacation house as part of his third of whatever inheritance is left after her death. My sister and I thought this would be a simple transaction-my brother would take over the expenses, responsiblilty etc. Did my mother get bad advice? Is she confused as to what the lawyer told her? If you have any experience with this type of transaction, I'd appreciate input. thanks.