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Mother's LIfe Estate |
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i am looking to sell my interest in a property. My mother has a life estate interest.that came from her mother. How do I go about doing this?My mom is 81 now.and the taxes on the 40 acres is becoming a burden. |
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If you're looking to sell the whole thing, you and your mother can join in signing the property over to the buyer. The IRS has life expectancy tables that tell what percent of the proceeds would be hers.
If you're trying to sell only your own interest, it may be difficult to find a buyer willing to take the place with your mother's present co-ownership. IN either case, however, you can use the guidance of a real estate attorney. |
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Edith
Originally published on April 25, 2008 |
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