Question
Living trust 1/3 property buyout - funds to non trust beneficiaries
Looking for advice on how this will be handled for tax purposes.
My now deceased mother’s siblings are buying out her (now her estate’s) 1/3 interest in a property she was a 1/3 beneficiary of via their parents living trust. Her estate’s sole beneficiary is my father but they’ve come to a settlement agreement where the purchase of her 1/3 interest in this property will be distributed directly to myself and siblings at cash value of 1/3 of the appraised value. Looking for proper handling and tax implications down the road.
