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Question about selling parents' property - LTD

724 Views | 2 Replies | Last: 2 mo ago by Troglodyte
LeftyAg89
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AG
My parents have passed away and now we are now in the process of selling their property.
I think I may have asked this before, but... the property is listed in my parents' LTD partnership.

Is there going to be any issue selling the property that way? We have asked my dad's lawyer and his banker (VP of trusts) and both of them basically said... "It shouldn't be an issue". I know, I know, time to get a new lawyer!

One property is listed in my parents' name and the empty lot next door is in the LTD name. SMH!
2wealfth Man
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AG
Title transfer shouldn't be an issue as long is there is a legal successor who has control to sign for the entity. Just be aware there may some differences in taxation of gains for a partnership depending on how it is structured for tax purposes. This overlaps with basis step ups (if elected) and how allocated to the successor owners. All tax situations like this are unique.
Troglodyte
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AG
I use Energy Ogre and have had a good experience. It's $10/month and I don't ever have to shop for electricity or setup auto payments.
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