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My parents are both retired. They're doing fine for money, but my mom was asking me today about them selling some property they'd like to not have to worry about. They live in Northern California (wine country); my mom has a rental house that she inherited from her parents in the late 80s/early 90s, the house is probably 70 or 80 years old, has knob and tube wiring, and needs a bunch of work. They currently have long-term tenants in there who are getting a sweetheart deal (since my parents haven't raised their rent in over a decade). My dad has (I think it's technically in both of their names) about 80 acres of rural property (unpaved roads for the last several miles) with the necessary easements to access it. He bought this from his boss probably 15 years ago, and it has probably tripled or more in value since (I think he paid around $70,000 for it, it's worth over $200,000 now). Neither of these places have been their primary residences in the recent past (we lived in the rental for several months 27ish years ago). Obviously, I've recommended that they talk to an attorney and a tax accountant about doing this, but are their any pitfalls they should know to avoid or any vehicles for the sales I should suggest they specifically look at? Would it be better for them to talk to the tax accountant first, or the lawyer first?
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Feb 10, 2018 22:38
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| # ? Apr 24, 2024 15:07 |
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Well to avoid tax they can do a like kind swap for other property or gift the property to an heir now. There are probably other tax positions they can take but those are the most popular. Personally I would just pay the tax and spend the money, screw the kids.
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Feb 14, 2018 20:47
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This almost seems like a humblebrag post, I can't imagine what specific info they're actually wanting to glean. I have so much money, which flavor of attorney should I sample and in which order? Congratulations? Don't rock the boat and enjoy your inheritance I guess?
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Feb 26, 2018 00:59
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In my experience the key to inheritance wealth is to never, ever, EVER rock the boat. Just nod and smile, always.
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Feb 26, 2018 01:02
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Daaaaaaamn this retired couple has an old shanty house and a piece of dirt worth $200k?! Why haven't I seen them at any of the recent Secret Rich People Society Meetings?
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Feb 26, 2018 08:21
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