Easier still: Trustee deeds house to brother and an uneven split of financial assets. Younger brothers gift $$ to older house-owning brother.If that's what the beneficiaries all want, it would be a gift.They could do that as well, though before using quitclaim deeds the lawyer should check with a real estate lawyer or a lawyer at a title company (or their lawyer should check with a lawyer at a title company) as to whether using quitclaim deeds instead of a more typical form of deed would affect the title insurance. That may vary from state to state....
All 3 boys are in agreement with the end result. It looks like the right thing to do is quitclaim deed to three boys and second quitclaim to transfer 2 shares to oldest brother.
Whether the younger brothers gift an interest in real property or cash, a gift tax return will likely be needed.
Statistics: Posted by SuzBanyan — Tue Aug 06, 2024 2:27 pm — Replies 15 — Views 983