Q: Can I gift an asset from my late wife's estate to her son without him incurring a tax liability?
My wife recently died making me her Personal Representative. Her son inherited a business from his father which included a mortgage owed to his mother. I would like to forgive or gift the mortgage to my step son. However, his accountant says that if I do my stepson will owe taxes on the amount. Is there a way to avoid this tax liability?
A: There may be a way to avoid causing your step-son to owe income tax on the house. You need to contact an experienced banking lawyer who has helped many others probate small estates that involve tax questions; there are not a lot of us in Florida; but you can use the Find a Lawyer to locate a few and contact them privately.
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