Search found 12 matches

by boglemind
Wed Jun 07, 2017 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Quandary

Yes, major earthquake is always possible, but real estate is good diversifier and arguably a reliable store of wealth. I have noticed many foreign nationals parking their money here because of constrained land & development opportunities. (Doesn't hurt that the area is ground zero for the global tec...
by boglemind
Wed Jun 07, 2017 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Quandary

The SFR and I are located in Bay Area suburb. The other props are in SF. So it's double-edged sword inheriting props subject to rent control & seeking security myself. I will have to find out from trustee if properties are to be retained for income generation. There ARE a lot of possibilities here, ...
by boglemind
Wed Jun 07, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Quandary

Thank you @Carefreeapp. Prop 60 is a way for older homeowners to do a lateral basis transfer from primary residence to another of equal or lesser value. In my case, if I moved in with sister just to establish primary residence, we could both sell our interests later and transfer low basis to separat...
by boglemind
Mon Jun 05, 2017 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Quandary

Thank you all. It seems the collective wisdom is that co-ownership would be a misake, particularly in the last inning of my life. @TTBG I think you are right I have been stuck on property tax/sibling issue and it would likely lead to unhappy stressful living situation when I have other options. @cel...
by boglemind
Sun Jun 04, 2017 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

Agree that property tax is liab, but discount is asset. 35K vs 3K. PRESENT VALUE of 30 years of that saving is quite significant. Cheapest modest house in area is $600K+ Sister can more than afford 3K given lifetime of no-rent living. JGoneRiding, fortunately, per parents' will, and pre-distribution...
by boglemind
Sun Jun 04, 2017 12:22 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

While I consider myself a scrupulously fair person I understand "fairness" is a relative (no pun intended) in families, and, sad to say, our family is already not close. Mostly I would like to benefit from more affordable housing in the prepostorously expensive community into which I was born. The s...
by boglemind
Sat Jun 03, 2017 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

Buyouts will trigger substantial reassessment. For parent-child transfer of basis we need to decide division BEFORE distributuion. No one seems to speak of the tremendous advantage of ongoing 1/10th the property tax in very expensive California area. Monetized it would give single residence inherito...
by boglemind
Sat Jun 03, 2017 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

Thank you vitaflo. You and others have warned against co-ownership despite seeming economic advantage and I take it as very wise. patrick013: selling props would guarantee fairness and maintain autonomy, but is not likely since I am sure some will not want to give up very low prop tax advantage.
by boglemind
Sat Jun 03, 2017 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

You make excellent points celia since I am senior citizen. To be honest, that sib would not be the easiest to live with. It WOULD, however, allow me to interact with nearby relatives, with whom I have better relations. Presumably we would be tenants in common, but having a co-tenancy agreement would...
by boglemind
Sat Jun 03, 2017 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

You're probably right johnra, but here's the rub: several other sibs may want to opt for stocks only and that may force me into prop ownersip with others disinclined to liquidate their prop interest(s). Rather than be a reluctant owner of older income-generating bldgs, the SFR has the benefit of pro...
by boglemind
Sat Jun 03, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Re: Inheritance Decision

celia, thank you for responding to so many aspects involved. Yes, I have lived in area entire life. Real estate prices have only gone from outrageous to stratospheric in my lifetime. I have been a landlord of a small property in a cheaper area and definitely didn't like hassle & sold it. I would lik...
by boglemind
Fri Jun 02, 2017 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Inheriting Quandary
Replies: 46
Views: 7565

Inheriting Quandary

I will soon be inheriting ~$2M interest in a large estate with siblings. $16M is net distributable after current estate taxes have been paid. The distributable estate consists of a $2M residential home, $4M apartment building & a $3M commercial building, all in California, and $7M stocks. The reside...