My name isXXXXX am 70 and Rita is 66. I live in Raleigh NC with my wife Rita Petelle, formally Rita Lopes. Rita is an only child
of Alfred and Alice Lopes of Ludlow Mass. and everything in Alfred's will is designated to go to either Rita, our 2 daughters, Aimee and Christina and our 5 grandchildren. Alfred and Alice bought their house in Ludlow Mass. in 1956 for $16,000. Alice died in Sept. 2006. Prior to her death, she and Alfred deeded the house on April 25, 2006 in a warranty deed to Rita, Aimee and Christina for 1 dollar. The deed states
the following, "Grants to Rita, Aimee and Christina as tenants in common and reserving unto themselves a life estate".
Well Alfred now lives with us
in Raleigh NC and has been with us since Dec. 15th 2012. We have changed everything of his to our address including Medicare
and Social Security. We are in the process of selling his house in Ludlow Mass. for $132,886. We are concerned about the tax
consequences from the sale of his house as this will affect all of us. Can you please clarify what we can expect and also advise us if we should try to do something different before the sale is complete such as maybe redeeding it back to Alfred for some amount of money.