Legal Question in Wills and Trusts in Wisconsin
Fed and State taxes owed by deceased father who had property
My fateher passed away in 2002 leaving his 5 children his home in wisconsin, unfortunately he owed more in taxes then the house was worth(Federal and State). Before he died he asked that we keep the house for 5 years and enjoy it(I dont think he relized the extent of taxes). For the 5 years my sibs and i have paid the taxes, up keep and utilities of the home. I am always told we are waiting for the lawyer to figure out if they can get the taxes lowered, I am tired of paying for a place we dont go to and the 5 years is up. It has been 4 years since I was there yet my monthly share of bills goes up every time my sibs and friends go there Do I have to keep paying for this ? If I stop and taxes are lowered and they sell the home would I be entitled to any the proceeds once I have stoped paying? HELP!
2 Answers from Attorneys
Re: Fed and State taxes owed by deceased father who had property
You are not required to continue making payments. If you stop, however, your share of the sale proceeds (if any) could be diminished.
Re: Fed and State taxes owed by deceased father who had property
You should probably have had a co-ownership agreement in place with your sibs. That would answer the questions you raise. Without such an agreement, you could petition the court to have the property sold and argue that you were in a defacto partnership. Often, especially in family arrangements, a lot is left loosely drafted and the parties themselves have to resolve it. You will probably need a good real estate attorney.
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