Re: inheriting land
Bwana, Thing85:
It's pretty complicated but the land will be sold to a developer for about 13 million. My wifes "share" is about 1\9 which is about 1.4 million. This is derived from 1\3 going to her grandmother, 1\3 to her uncle, and 1\3 to her mother. Her mothers portion is being split equally between my wife, her brother and her mother (1\3 each).
I'm not involved in the conversations so I dont know how it will be sold and transferred. Maybe the land is transferred (gifted) to each person then sold, or maybe it's just sold then the cash is dispersed. Thats what the CPA\Tax Attorney is working on.
The grandmother has something annually set up to gift land to everyone but it goes into a partnership, which I think is a trust. Im not sure how thats set up and they are looking to see if it makes financial sense to have the partnership give the land back to the grandmother before its sold.
Thanks for the input all, hopefully it is much less than 50%.
|