Home & Garden

October 18, 2008

Tax-wise, it's better to inherit the home

Q. My mother-in-law is 93. In her will, she is leaving her home to her three sons. Her home is in need of major repairs, probably to the tune of $15,000. My husband and I are the geographically closest to her residence and will have the responsibility of the repair and sale. Would it be to everyone's benefit to quitclaim the house to my husband or perhaps put it in an irrevocable trust that names him as beneficiary?

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