Posted on: 18th Nov, 2008 06:45 pm
my mother who is deceased ( 3/21/07) sign a quit claim deed over to my niece before her death. the title to the home is under my daughters name and mother's name however she did not remove my mother's name from the title.
can we still do the title change? does my niece have to pay any inheritance tax on this?
can we still do the title change? does my niece have to pay any inheritance tax on this?
Hi sammi!
If your mother has signed a quitclaim deed where she made your niece the owner of the property, then I don't think you need to change her name. If the new deed is recorded, then the old deed will not be taken into consideration. Inheritance taxes will depend upon the state laws. There are some states where you need not pay the federal taxes but you will have to pay the state taxes in terms of inheritance.
Thanks.
If your mother has signed a quitclaim deed where she made your niece the owner of the property, then I don't think you need to change her name. If the new deed is recorded, then the old deed will not be taken into consideration. Inheritance taxes will depend upon the state laws. There are some states where you need not pay the federal taxes but you will have to pay the state taxes in terms of inheritance.
Thanks.
Definitely seek the counsel of a real estate attorney. It may cost you $100 to meet with one to discuss your situation, but the advice could save you thousands with the IRS.