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Dad Just Passed, Best Way to Change Leases for Mom?
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Douglas
Posted 9/19/2016 11:26 (#5537597 - in reply to #5537544)
Subject: RE: Dad Just Passed, Best Way to Change Leases for Mom?


Central North Carolina

You need a good summary of everything before you go to the CPA/attorneys. The professionals charge by the hour and you don't need to waste their time or yours.

i disagree with some others here in that i think you should move pretty quickly. There may be some tax moves you could make before year end. Take a couple week sure but get moving in Oct.

Pull together an inventory of major assets. including a rough estimate of the market value of everything. You can get a real appraisal later if needed. As someone mentioned before the stepped up basis of property could be a very valuable tax benefit.

Find out if the land was held by your dad or mom and dad jointly.

Make sure you understand the provisions of his will. And who the executor is.

Write of a summary of the current operations in a way the professionals can understand. 

As mention above the "business purpose" stuff is important, but find out what work best and figure out a business purpose to do what you need to do. 


 



Edited by Douglas 9/19/2016 11:29
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