Bangor, ME asked in Probate for California

Q: I'm set to inherit one-third stake in a property I do not want (that's still in probate). How do I yield this stake?

Grandmother did not have a will. My mother pre-deceased her. Property is being split between myself, my aunt, and my uncle. My aunt presently lives in the home, and intends to continue living in it. I have no interest in the property, and wish to yield my stake in it. However, her lawyer has informed me that my only option is to gift my stake in the inheritance once the probate has completed, and I have my part of the title/deed. I do not want to pay property tax for a home I can't sell or live in. Please let me know what my options are. Thanks!

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1 Lawyer Answer
James Edward Berge
James Edward Berge
Answered
  • Estate Planning Lawyer
  • San Jose, CA
  • Licensed in California

A: You can absolutely refuse the gift from your grandmother. It’s called a qualified disclaimer if signed by you and delivered to the executor within 9 months of your grandmother ‘s death and you have accepted non of the benefits of ownership prior to the refusal. A qualified disclaimer is not regarded as a taxable or reportable gift from you to your uncle and aunt. Alternatively you can sign a non qualified disclaimer which is regarded as a taxable and reportable gift from you to your uncle and aunt. Or, you can assign your beneficial interest in the estate to your aunt and uncle which is a voluntary gift. Or you can wait until the probate is complete and gift your interest in the property to your aunt and uncle. Under Prop 13 the preferred route would be the qualified disclaimer which would not involve a reassessment of the base year value for property tax purposes.

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