My mother-in-law passed away recently leaving behind a small home and a half acre of land. She has two adult children. Her husband who passed away before her also has two children who have not responded to any attempts at contact regarding this matter or anything else. I understand that in GA all four children will have rights to the property. What needs to happen here? We don't currently intend to sell the property, just want to just keep the land and the home in the family for the future. Do we have to pay estate taxes and if so when do these get paid? I don't completely understand the difference between estate taxes and inheritance taxes. Thanks for your help!
2 Answers from Attorneys
Guiding you through an estate administration, and tax matters, is beyond the scope of a general information website. Get a probate lawyer.
You need to sit down with a probate lawyer and determine who will end up owning what percentage of the house, depending on whether her husband's estate was probated, whether the property was held jointly, and whether or not there was a will. This can get complicated so you need to find out before you do anything. As to taxes, estate and inheritance taxes are the same thing, and would only kick in if the estate were over a certain amount. There may also be tax issues you will need to get up to speed on if the house is ever sold or if you have to buy out someone's share. An estate planning attorney can tell you about these once they have all of the details.
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