You’ve lost a loved one who has left property in Southwest Florida to your family. You may find yourself in a difficult situation with this property because very often family members can't come to an agreement about how to handle the property they inherited. One sibling may be emotionally attached to the home and want to keep it, while another sibling prefers to sell the property and pocket the proceeds. You don’t want this situation to rip the family apart, but a final decision must be made about the property to ensure everyone is still talking to each other at the end. Our Fort Myers lawyers at ZinnLaw can help.
At ZinnLaw we’ve often seen families fight over inherited Southwest Florida property since we don't have a separate inheritance tax in this state. Additionally, heirs don't pay state or federal income tax on income received from an estate sale. That's because Florida has no income tax and because the federal tax code doesn't count inherited property as taxable income. Therefore, many heirs want to sell a property and turn a tax-free profit. But family members don't always agree on this course of action. And since homes can't be physically divided between the interested parties, a legal agreement must be sought. And that's why deciding what to do with an inherited property often causes strife among family members.
Fort Myers, FL - Your Choices When Family Can’t Agree on Inherited Property
SYNOPSIS: You may find yourself in a difficult situation with this property because very often family members can't come to an agreement about how to handle the property they inherited.
Know Your Choices About Inherited Property
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You’ve lost a loved one who has left property in Southwest Florida to your family. You may find yourself in a difficult situation with this property because very often family members can't come to an agreement about how to handle the property they inherited. One sibling may be emotionally attached to the home and want to keep it, while another sibling prefers to sell the property and pocket the proceeds. You don’t want this situation to rip the family apart, but a final decision must be made about the property to ensure everyone is still talking to each other at the end. Our Fort Myers lawyers at ZinnLaw can help.
At ZinnLaw we’ve often seen families fight over inherited Southwest Florida property since we don't have a separate inheritance tax in this state. Additionally, heirs don't pay state or federal income tax on income received from an estate sale. That's because Florida has no income tax and because the federal tax code doesn't count inherited property as taxable income. Therefore, many heirs want to sell a property and turn a tax-free profit. But family members don't always agree on this course of action. And since homes can't be physically divided between the interested parties, a legal agreement must be sought. And that's why deciding what to do with an inherited property often causes strife among family members.
