Several ways to divide real estate portion of inheritance
erate the real estate properties
But really, if the real estate is worth that much, you should have someone advise you on those properties and explain which scenarios will be the most valuable to you over time and from a tax perspective.
For example, those properties may be incomeproducing, in which case you need to figure out whether keeping them or selling them would be in the heirs’ best interest. Depending on the type of properties, you can work with real estate brokers, investment advisers, real estate attorneys, tax accountants and tax advisers to go through the many issues you’ll face in owning and managing that type of real estate investment.
It doesn’t appear that your uncle’s estate would be subject to federal estate taxes. You should also make sure that his estate is not subject to any state taxes. As you work through the estate, you’ll need to make sure you have income to pay for the ongoing expenses of those properties, including real estate taxes, insurance, mortgage payments and ongoing maintenance expenses. If you decide to sell one or all of the properties, the broker or companies you hire need to work with you through the process. Given the value of the property, we suggest.you to use a real estate attorney to handle the sales or other legalities that may come up.
Before you sell, think carefully about the shortterm and long-term benefits of holding onto these real estate properties. Whether it is a piece of farmland or a shopping center, different properties can provide a variety of benefits, problems, financials and future prospects. With these variables, it would be easy for us to tell you to just sell the properties and split the money, but we’d prefer you evaluate the properties and make an informed decision so you don’t inadvertently leave money on the table.
Finally, make sure the attorneys you hire are smart enough (and have experience) in sibling inheritance issues. The siblings not included in the estate could decide to lawyer up, and you need to be aware of pitfalls that might create. Remember, being rich is nice, but you will have to figure out a way forward with the siblings who were not included in the bequest.