Posted on: 19th Jul, 2010 07:57 pm
My wife is going to inherent a house in Michigan from her Grandfather.She is the only person in the existing Will,should she have her Grandfather quit claim the property now and will that protect her from the Confiscatory Inheritance Tax.Or is there a bullet proof way for her to Inherit this property and not pay or minimize the amount paid
Hi bclairday!
Welcome to forums!
Your wife can ask her grandfather to sign a quit claim deed and transfer the property to her. Thus, she won't be liable for paying any inheritance taxes. However, if your wife's grandfather transfers the property to her as a gift, then he would become liable for paying gift taxes. However, there is a lifetime gift tax exemption of $1 million.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your wife can ask her grandfather to sign a quit claim deed and transfer the property to her. Thus, she won't be liable for paying any inheritance taxes. However, if your wife's grandfather transfers the property to her as a gift, then he would become liable for paying gift taxes. However, there is a lifetime gift tax exemption of $1 million.
Feel free to ask if you've further queries.
Sussane