can i get my fathers estate for what the house is worth not what is owed

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April 16 2013 - Angel Park Lindell
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Profile picture for Pasadenan
I agree with So cal Engineer, especially the need to talk with a licensed Estate planning attorney in your State.

Congress recently approved (2 years ago) to extend the minimum amount of the Estate before estate taxes kick in to $5 million.  (And that is "net value", not "what is owed").  And when they extended that minimum, they also indexed it to inflation, so the estate has to be substantially above $5 million now before any estate taxes are due.

But debt is not canceled at death for most people (unless they buy certain kinds of mortgage insurance...) so the debt would either be inherited too, or it would have to be settled by the estate prior to disbursement..

You didn't mention if you have siblings that will also be receiving a share of the estate.  That is where the problems typically lie, in trying to divide up an estate that can't be liquidated, especially when one want's to keep it and doesn't have sufficient assets to buy out the shares of the others.

Unfortunately, for the division of property, there are no easy answers.  And no one wants to talk about "who gets what" when the owner is still living, as it appears then like people are just trying to rush someone's death, and that a few small material things are worth more than life and relationships.
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April 16 2013
Profile picture for SoCal Engr
Unclear what you are asking. Are you saying...

#1 - You are inheriting your father's estate, which includes his house.
#2 - The house is currently upside-down.
#3 - You want the estate value to reflect current market, not mortgage value.

If the above assumptions are correct, you should talk to a family/tax attorney for real answers, especially ones that conform to Nevada law. However...

a) I believe that the estate is valued on current value, assets (e.g. house, etc.) minus debts (e.g. mortgage, etc.).
b) If you are concerned about taxes, my understanding is that the estate is responsible for taxes, and there are corresponding credits that offset taxes - up to a limit. Again, I am not a family/tax attorney, so talk to someone local.
c) In California, the original cost basis is also retained (important for tax and or sales, especially in California with Prop 13). Not sure what Nevada law is, or the ramifications.

So, blah blah blah...see a local attorney for "real answers".
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April 16 2013
 
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