My mom died 4 weeks ago and left me her half of the townhome. My dad wants me to have the whole house but how can we do this with lowest taxes, etc. Her estate is 50% of a $100,000 townhome and $25,000 insurance money. He said something like sell it to me for $30,000 and then gift me $30,000 for no cost to me so I do not pay inheritance tax. How to you transfer the townhome to me with the lowest financial impact? Arizona.
Country relating to Question: United States
State (if USA): Arizona
Thank you for posting your question to JA/Pearl. Legal questions often take time for research or I may be offline so please be patient, I will reply.I am very sorry to hear of the loss of your mother. I assume that your father is already the owner of the other half of the condo. As such, he can simply quit claim it to you for $1.00, love and affection. There would be no inheritance tax and no need to "sell" it to you for 30K and then "gift" you the 30K. He can simply gift you his share of the townhome. The attorney that is preparing the deed out of your mother's estate can draft the quit claim deed to you for his share. There would be no inheritance taxes.
Actively practicing trial attorney
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