Estate Law Questions? Ask an Estate Lawyer.
Good evening. My name is ***** ***** I look forward to helping.
I've got good news for you. You're not going to have any taxes involved here. Texas is a community property state. And, under the tax law, when a couple lives in a community property state and one of them dies, the entire property (not just the 1/2 owned by the spouse that died) gets adjusted to its fair market value. That means that then when it gets sold for that fair market value, there is no gain on any sale and thus no tax due. And, there is no Federal estate tax unless the estate is worth more than $5,430,000 and there is no Federal inheritance tax at all. Further, Texas has neither an estate tax nor an inheritance tax. So, no matter how you structure this, there will be no tax. :)
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!