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Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 99417
Experience:  Fully licensed attorney in Texas in private practice.
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Selling a property I inherited in 2010 lived there for two

Customer Question

Selling a property I inherited in 2010 lived there for two years Then sold on an owner contract I am now being cashed out, what are my choices to do with the money without being abused by the tax man. Glenn
Submitted: 2 months ago.
Category: Estate Law
Expert:  Ely replied 2 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The best way to minimize a tax liability is to put the money into a trust. This way, the money does not really belong to you, but belongs to the trust, which is controlled by a trusted trustee. See HERE. There are a number of various types of trusts, so which particular trust is best depends on nuance and your CPA/estate attorney can help advise on this.

It is best to have this set up prior to the execution of the sale.

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