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If one inherits one third of ahome dwelling and the value I…

Customer Question
if one inherits one third...
if one inherits one third of ahome dwelling and the value I put into the house over 33 years amounts to $100000. 'which is receipt provable' improvements, can this amount be deducted in calculating the value of the remaing balance of value...ex. $240000 less $100000= $140000. MULTIPLY THIS $140000 TIMES 2/3=93240. IS THAT THE VALUE 0F THEIR INHERITANCE.......BK
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 8 minutes by:
2/19/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,074
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I need to ask a few questions before I comment..

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Is there anything in the will that states the one beneficiary is able to deduct their contributions to the home over the years off the top of any value and be reimbursed for that?

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Is this a situation where the one beneficiary has been living in the home for an extended period of time?

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Was the deceased the only one on the deed to the property?

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If so, why would the beneficiary invest that money into investments in a property that they didn't own?

.

.

thanks

Barrister

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Customer reply replied 2 years ago
NO..........2. I HAVE LIVED INTHIS HOME FOR 33 YEARS3.........3. YES...............IN 2002 RECIPOCAL WILLS WERE SIGNED. THE HOUSE TO ME ,BANK ACCS.ETC............ON 12/17/ 15 WITH SHAKY PENNMANSHIP SHE SIGNED A WILL CHANGING INHERITANCE TO 1/3 FOR SON ,1/3 TO DAUGHTER AND 1/3 TO ME. SHE DIED 2/7/16.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, thank you for that information...

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A couple more questions..

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Was this your spouse?

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Are you on the deed at all?

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thanks

Barrister

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Customer reply replied 2 years ago
ALSO IT WAS UNDERSTOOD THAT BEING A BUILDING CONTRACTOR IT WOULD BE SAFER TO KEEP THE TITLE IN HER NAME.THIS TO AVOIDA ANY CUSTOMER WITH ISSUES TOWARD THE COMP.ANY.......1. YES MY WIFE OF 33YEARS.......2. NO IWAS NOT ON THE DEED
Customer reply replied 2 years ago
WAITING FOR YOUR ANSWER OR IS THERE SOMETHING ELSE TO DO?
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, if marital money was used to pay for the mortgage all along, I would opine that you would have grounds to claim that the house was converted to a marital asset with you owning 50% of it automatically. This is because if money that was earned during the marriage was used to pay for the house all along, then that was marital money that was owned equally by both you and wife. So even though the legal title was in her name, you paid for half the house with the marital money.

The remaining 50% would be divided according to the will or you could claim your "spousal elective share" which is the first $150,000 plus 1/2 of anything over that amount.

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So that could end up with you essentially owning the entire house if you got half of it $120K and then the first $150K of the estate assets.

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thanks

Barrister

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