Splitting inheritance
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Splitting inheritance
Father’s last will in New York Stae says Estate is to be split 50 50 to son and
daughter. Estate has 450,00 in cash and a piece of property valued at 171,000.
If daughter pays brother 85,500 of her share of proceeds of estate and brother
gives her title to the property is it considered a gift?
Asked on December 1, 2017 under Estate Planning, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If this is all being done within the confines of the Probate of the Estate then I doubt that the transfers would be considered "gifts" in any legal framework (tax or otherwise). But I would strongly suggest your attorney helping with the probate help you do this legally. You would likely waive your right to the house and she $85,500 of the funds. Good luck.
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