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The Watercooler
legal will/property question
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<blockquote data-quote="klmno" data-source="post: 182852" data-attributes="member: 3699"><p>I would advise talking to an attny, too. I think in most states, if there is no will, possessions go to next of kin, which in your sister's case would be the parents. There is a way to change over ownership of property by having you buy it for $1 or $10 and transferring the title. So, the property first gets transferred to your parents, then it is theirs, then they "sell" it to you. They can sell it before the estate is closed and there would be a difference in how taxes get paid on it, but I don't know how the process works or which way is more advantageous.</p></blockquote><p></p>
[QUOTE="klmno, post: 182852, member: 3699"] I would advise talking to an attny, too. I think in most states, if there is no will, possessions go to next of kin, which in your sister's case would be the parents. There is a way to change over ownership of property by having you buy it for $1 or $10 and transferring the title. So, the property first gets transferred to your parents, then it is theirs, then they "sell" it to you. They can sell it before the estate is closed and there would be a difference in how taxes get paid on it, but I don't know how the process works or which way is more advantageous. [/QUOTE]
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