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Inheritance/Real estate question

This is a topic titled Inheritance/Real estate question made in the Mortgage Talk section, belongs to our Mortgage Chat category; My sister and I recently inherited our mom's home after she passed away. Neither of us has much experience dealing with such things and we need some help. We ...








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Old July 17th, 2008, 12:56 AM   #1
Mike
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Registered: Apr 2008
Posts: 1,497
Default Inheritance/Real estate question

My sister and I recently inherited our mom's home after she passed away. Neither of us has much experience dealing with such things and we need some help. We used an attorney to setup a trust and such when my mom became ill, but neither of us feel like he's really the person for the job anymore.There's a remaining mortgage of $52k on the house, it's worth about $330k. My sister wants to buy me out on the house, and she owns a condo that may work for me.... This is where it gets fuzzy for me, I'm wondering if a deal could be worked whereby she sells me her condo for the amount it's worth minus what she owes to buy me out on the house. Not sure how estate or inheritance taxes work into this, but it would seem that if she sells me the condo at a reduced amount, that would be good for me tax-wise, and she could save the discounted amount that she would otherwise owe me. Her condo is worth about $250k and she owes about $135k.I really can't wrap my brain around this, any help would be truly appreciated.I think it would be best to find an attorney well versed in estates, and real estate as well. Am I on the right track here? Aside from word of mouth, (that didn't really work to well for us last time,,, ) how does one find a good attorney that charges reasonable fees and will do an excellent job (no lawyer jokes plz.) Or, do we just need a good accountant?
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