My brother lives in our parents’ home, which we’ll inherit 50/50. I want to keep it in the family for my children. How do I protect my interests?
From Dow Jones & Company:
The reader is grappling with a complex family inheritance predicament. They inherited a family house in a 50/50 will split with their brother and want to ensure their children will be able to inherit the property. The Moneyist advises to consider their brother’s wants and needs, as he has equal rights to the family home. The IRS reassesses the value of inherited property, reducing capital gains tax, if sold. The suggestion is to either sell the house and split the proceeds or one sibling can buy out the other, if they don’t want to sell. Resentment and possessiveness should not overshadow sibling relationships. The Moneyist cannot offer personalized advice.
Read more: My brother lives in our parents’ home, which we’ll inherit 50/50. I want to keep it in the family for my children. How do I protect my interests?