My question involves estate proceedings in the state of: NJ
I have posted a few times since November as administrator of my brothers estate. Long story short, my older brother & I were the only family beneficiaries (a girl friend of decedent receives an IRA). My older brother was going to assume my 1/2 of our brother's house in lieu of cash out of the estate account. However, before the bank sent the lien release for a HELOC on the home, my older bro passed away in mid June. Loosing 2 brothers in 7 months was beyond overwhelming & I needed time to deal with what has transpired in life before I could fully re focus on tasks at hand.
My brother who passed in June has a will & his daughter will receive her dad's share of the 1st brothers estate. Only to her, did I extend the offer to take over the house her dad was going to & she's rather certain of going thru with it. My attorney keeps using "sale of the house" while I believe it's a distribution of assets & can transfer the title to her name, can anyone clarify this along with if she would face tax implications if considered a buyer.
The offer is a bit below market value & honestly at this point I want to be done with it, the last major dealing with the estate is after 3 months NJ Taxation pulled both the Estate & IT-R returns for audit.
As mentioned, i'm hoping the house & cash can be treated as asset distributions. All input is greatly appreciated.