Probably would be a gift from you to them but unless your estate is likely to be well over 10mil that gift won’t have real impact beyond a form to fill out. Unlikely there would be taxes. But again your efforts to avoid a will which can handle all of this cleanly and likely more fair to everyone seem confusing. Unless you are in CA I doubt those efforts make sense. If you still want to avoid a will your next best bet is probably a trust but that will likely cost more than a will.Thank you. If the house were transferred to me, would it be hassle to transfer the fair share excess to the sisters? I don't suppose it'd be as easy as signing and mailing two checks. Would the amounts be considered a gift from me to them?Being both beneficiary and creditor, you can simply consider the debt repaid via the house transfer. However, you’re still at a dilemma as to the excess. It’d be yours to do with as you wish, but your siblings might not like that.
TOD is a double edged sword. Works great when it does, causes strife when it doesn’t.
Statistics: Posted by LotsaGray — Sat May 11, 2024 1:57 am