I need help with a Question, Please!! - Posted by Mike

Posted by dew on June 22, 2000 at 23:34:38:

Don’t know, but if don’t get any better answer try posting this in the area for MH (mobile homes).

I need help with a Question, Please!! - Posted by Mike

Posted by Mike on June 22, 2000 at 11:53:32:

My mother lives and owns a mobile home/manufactured home in California. It is about 20 years old, but in good shape. Unfortunatly, she is terminally ill with cancer. My question, What form or way do I have her title it over to me prior to her death so probate/transfer taxes can be avoided?

Thanks
Mike

You need to consult an attorney - Posted by Dave T

Posted by Dave T on June 24, 2000 at 15:58:40:

Find an attorney in your mother’s state who is well versed in the state probate law and inheritance issues. Then develop your plan once you know the potential impact of probate costs and inheritance taxes.

If the property has significantly increased in value, it may be better to inherit at its stepped-up basis and avoid capital gains on the sale.

There is no federal inheritance tax on the first $675K. In NC, the maximum probate cost is $3000 – established by state law. In SC there is no state inheritance tax at all.

Consult a professional to determine the exact impact of probate costs and inheritance taxes for your mother’s estate, and the potential capital gains if you sold. Then develop a plan to minimize the total tax bite.