Inheriting a property is not always a boon; there’s always a chance of inheriting the headaches of your deceased loved one as well. So let Marc Cormier guide you through this complex process with his Guide to Probate.
They say that there are only two things certain in this world: death and taxes. People who inherit a property, sadly, deal with both at the same time.
If you're one of them, Guide to Probate, a resource site created by veteran probate realtor Marc Cormier, can help you deal with the tax portion of your current situation, as well as the other concerns you may have about your newly inherited property.
Recently, it published a guide to the inheritance process in Maryland. Here, Marc provides heirs with an overview of the inheritance process in the state and the steps they need to accomplish to ensure a smooth transition and compliance with legal requirements. The article also offers insights into the options available for selling an inherited property, which is important because of the additional considerations involved compared to regular home sales.
So if you're in the area, give it a read. Access it for free at https://guidetoprobate.com/how-probate-works/inheriting-house-dc-va-md/.
The author describes an inherited home as both a "wonderful gift and a challenging burden," highlighting the unique challenges it presents, particularly regarding taxes and the probate process.
For one, inherited properties may encounter title issues or be subject to the probate process, which is why it's important to prioritize the resolution of title issues and establish legal ownership, especially if you're planning to dispose of the property.
You can find additional information about this topic at https://guidetoprobate.com/property-finance/estate-administration-and-probate-in-maryland/.
The tax on the home is another important issue that needs quick resolution, according to the author. "If your loved one originally bought their home for significantly less than it's currently worth, there are 'stepped up' taxes to consider," the author wrote.
You're also advised to be aware of various types of taxes in the state, such as the inheritance tax, which amounts to 10% of the gift's value, and the estate tax, applicable when your inheritance's value exceeds $5 million.
"Be sure to consult with a tax professional to understand the consequences of your decision about the property," the author said.
The latter portion of the article tackles sales, particularly on how to determine the property's value and how best to dispose of it. Here, the article outlines the pros and cons of selling the property on your own and with the help of a realtor.
If you opt for the second option—which is also the recommended route to avoid hassle—it's best to hire a credentialed realtor well-versed in the probate process. Marc is one such professional, and his knowledge of the estate laws governing the Mid-Atlantic would prove invaluable in your goal to achieving the highest price possible for the property you're selling.
If you have questions about the probate process or real estate sale in general, don't delay. Get in touch with Marc Cormier through https://guidetoprobate.com/ today!
