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oneliner

Joined: 18 Dec 2009
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Posted: Fri Dec 18, 2009 8:40 pm Post subject: Does my family have to pay taxes on this property? If so, wh
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| My grandfather left a life estate to his wife (not my biological grandmother) in his will, and after she dies the property goes to his right heir; my mother. However, his wife did a quitclaim deed signing the property to my mother. We did not know much about the law and assumed we had full control over it, including the right to sell it, as my mother has been paying taxes on it ever since. We live in New York and the property is in Florida. It is also in a retirement community, so you must be 55 to live there (my mother is younger than the required age). Now we find out she can't sell it and she's been paying taxes for a property that we can't even make use of, and for a property my mother is going to receive anyway upon the wife's death. Do we still have to pay the taxes, despite the fact that we neither want the property nor use it (nor CAN use it)? If so, what can we do to stop paying for it? |
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gmakerley
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Joined: 09 Nov 2007
Posts: 12346 Location: bloomfield, ct
53.01 Dollars($)
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oneliner

Joined: 18 Dec 2009
Posts: 2
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smithsussane

Joined: 18 Sep 2008
Posts: 10030 Location: Alaska
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gmakerley
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Joined: 09 Nov 2007
Posts: 12346 Location: bloomfield, ct
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Posted: Fri Dec 18, 2009 10:45 pm Post subject:
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my spelling is getting atrocious - "simly" is actually "simply."
okay..now that i've critiqued my own post...i don't remember making any comments about the will and the caveats therein that show your mom as beneficiary.
as for the taxes, if they don't get paid, the taxing county or town (whichever) is going to seek to take back the property for non-payment. not paying, therefore, is a terrible strategy if you're considering that, which it appeared was the case. if taxes don't get paid and the taxing authority seizes the property, that'll eliminate your grandfather's wishes being fulfilled.
i guess i didn't really address your final question, which was how to stop making the payments. if your step-grandma is willing and able to pay these taxes, then that would be the solution, i suppose; or perhaps, that could be a split - each pay half or something.
it just seemed to me that you were looking for a strategy to shrug off the property completely, which is an option, of course; but as you said, it's not a very favorable one.
i may be reading between the lines too much here, but it seems that there's a contentious situation between your step-grandma and the two of you. wouldn't it be nice to just get along? _________________ George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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gmakerley
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Posts: 12346 Location: bloomfield, ct
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gmakerley
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Posts: 12346 Location: bloomfield, ct
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