My mom passed away this year w no will. She owned a condo that is upside down by about $20,000.

Bankruptcy and Debt 4 views 3 answers
She also owes condo association about $15,000. She also owes IRS about $10,000. My brother and I are only heirs and are being told that we should deed the property to the condo association so we and our heirs would not be responsible for property any more. Is this the correct process to do ? The condo is in Florida . Can my brother and I have any tax consequences on this process? Appreciate any advice thanks

Attorney Answers

3
Joshua Robbins ·
I am terribly sorry for your loss. You should meet with a probate attorney - you can find many through . A probate attorney will assess how you need to approach this situation since your mother owned real property in Florida. In regards to personal tax consequence, you and your brother will likely not suffer any. However you really should coordinate with a probate attorney to ensure that the estate is properly administered and closed so that neither of you expose yourself to personal liability. I wish you all the best.
0 upvotes
James Frederick ·
I agree with Attorney Robbins that you need to meet with a probate attorney to assess the situation and decide how to proceed. If the estate is totally insolvent, your best option might be to just walk away. You have no legal duty to probate an insolvent estate. But you need to know if there are allowances or exemptions that might jump you ahead of the creditors, for at least some of the assets. That and the ability to charge a fee for your services as executor might make it worthwhile to handle the estate. A lawyer can help you sort through this to see what makes the most sense. Good luck to you! James Frederick
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Herbert Cooper ·
As noted by the other attorneys, you should consult with a probate attorney - if your mother lived in Florida, it should be a probate attorney licensed to practice Florida law and familiar with their probate, which is different than the law in Massachusetts. If Massachusetts was her home, you'll need an attorney licensed in both states, or who can obtain advice for you in both states. The advice may be just walk away, but a little time with the right attorney could help you be certain. Good luck!
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