The Probate, Trust & Estate Blog

Charitable Trusts and the IRS 501(3)(c) are both vehicles which are used to defer tax gains until a future point in time,

To inherit property from someone who has died, you first need to figure out what legal process is required to transfer the property. Sometimes you must go to court (probate), but in other cases you may not. One of the first steps is identifying the correct person to handle the estate. Who handles probate matters? Usually, the person named in the will—often called the executor —is responsible for handling probate. If the will names more than one person, they must make decision

Marketing the property to get the most buyers and ultimately the highest price is both art and science.

Once you have cleared the property to sell legally you will then have to prepare it to sell physically. Here is a five step guide on what to do to prepare your inherited property for sale: Five Steps to Take Before Listing Your Home 1. Consider a pre-sale home inspection A professional inspector can identify issues that might concern potential buyers. Knowing about these problems ahead of time allows you to make repairs before showings and avoid surprises during negotiations

There are many tax questions and concerns as it relates to the liquidation of inherited real estate. The following is taken from the IRS.gov website: Question: Is money received from the sale of inherited property considered taxable income? Answer: Generally, the gross proceeds from the sale of inherited property are included in gross income when considering the need to file. If there’s a filing requirement, report the sale on  Schedule D (Form 1040), Capital Gains and Losse