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johninajijic

Dec 2, 2012, 7:45 AM

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Question About Inheriting A House and What is Involved for those Qualified to Answer

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This might be a question about the law for Rolly or Spencer to answer, but if you feel that you have been through this or you know someone who has been through this please answer.

We have an 84 year old woman who lives in our Community. Her house is in her name only. She is leaving it to her daughter and children upon her death. Therefore the house will not be in their name, am I correct? Don't they need to change the Deed to show ownership after her death? I know this is expensive as my Cousin had to do this to sell her house after her husband died.

I'm assuming they will have to get FM 3's. Correct?

Big question, will they have to pay Capital gains since it's NOT a sale?


(This post was edited by johninajijic on Dec 2, 2012, 7:49 AM)



ticktoc

Dec 3, 2012, 1:29 PM

Post #2 of 10 (4118 views)

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Re: [johninajijic] Question About Inheriting A House and What is Involved for those Qualified to Ans

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I don't know the specific laws in Mexico so I'm not sure if this will help. Having dealt with this here in the US, my opinion is, the best way to deal with it is to have the person put on as "right of survivor". This will result in the property immediately transferring to said person upon the death of the other. The property does not enter into the estate and is not needed to be bequeathed in a will or in the trust. I might be mistaken but they would only have to pay capital gains once the property is sold.


Rolly


Dec 3, 2012, 1:46 PM

Post #3 of 10 (4113 views)

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Re: [ticktoc] Question About Inheriting A House and What is Involved for those Qualified to Ans

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That is correct in México as well. Talk to a notario

Rolly Pirate


Axixic


Dec 4, 2012, 3:26 AM

Post #4 of 10 (4075 views)

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Re: [johninajijic] Question About Inheriting A House and What is Involved for those Qualified to Ans

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Spencer wrote on TOB that someone inheriting a house does not pay capital gains tax. That is paid if the house is sold and the seller doesn't have an FM2/Permanente.


(This post was edited by Axixic on Dec 4, 2012, 3:27 AM)


johninajijic

Dec 4, 2012, 7:05 AM

Post #5 of 10 (4055 views)

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Re: [johninajijic] Question About Inheriting A House and What is Involved for those Qualified to Ans

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Thank you all for the info.


Magilicudy

Dec 4, 2012, 5:41 PM

Post #6 of 10 (4006 views)

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Re: [ticktoc] Question About Inheriting A House and What is Involved for those Qualified to Ans

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I don't know the specific laws in Mexico so I'm not sure if this will help. Having dealt with this here in the US, my opinion is, the best way to deal with it is to have the person put on as "right of survivor". This will result in the property immediately transferring to said person upon the death of the other. The property does not enter into the estate and is not needed to be bequeathed in a will or in the trust. I might be mistaken but they would only have to pay capital gains once the property is sold.



Magilicudy

Dec 5, 2012, 7:06 AM

Post #7 of 10 (3979 views)

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Re: [ticktoc] Question About Inheriting A House and What is Involved for those Qualified to Ans

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In the State of Jalisco, there is no right of survivorship on house deeds.
Because of my domestic relationship, that was the first question I asked when I purchased a home here. The notario said, "no such thing here."

Unless than has changed in the last 6 years, that's still the case.

Mexico, like the US, has federal laws and state laws.
When purchasing property, it is necessary to check what is federal and what is state law that is governing your issue/action.


sioux4noff

Dec 5, 2012, 8:48 PM

Post #8 of 10 (3928 views)

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Re: [Magilicudy] Question About Inheriting A House and What is Involved for those Qualified to Ans

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We just purchased a house in Jalisco. the notario told us we could name a beneficiary that the house would go to without need for a will. But they said it could only be a child or a parent. That would be in the event of the death of both me and my husband.


Magilicudy

Dec 5, 2012, 9:40 PM

Post #9 of 10 (3920 views)

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Re: [sioux4noff] Question About Inheriting A House and What is Involved for those Qualified to Ans

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Naming a beneficiary is not the same as 'right of survivorship' that you would find in the US (maybe Canada also; I don't know the legal system there).

For example, if I owned a house with my friend (in the US), I can set the deed up so that if one dies, the surviving person gets the house. There's very little legal hassle or cost (been there, done that one). Even in the US, right of survivorship is much different than inheritance. Right of survivorship is between the parties how own the property....does not matter if they are married, blood related or anything else other than they are co-'owners' of the property.

In Jalisco, they recognize inheritance (not co-ownership) between parties and those parties are either 'married' or blood related. That's the same for you and your spouse....you are a married couple who would 'inherit' each other's half (that's not the same as right of survivorship).

You can ask the notario with which you worked about the difference if you were not a married couple vs. being a married couple. Since Notarios and attorneys here are not used to having 'right of survivorship, they are not likely to be able to do a compare and contrast. My notario only said 'right of survisorship is not here' because he's had lots of foreigners ask that question.

For a definition of 'right of survivorship' you can try checking NoloPress (I think it's Nolo.com) on-line. They are a good legal resource site or just google 'right of survivorship.'


(This post was edited by Magilicudy on Dec 5, 2012, 9:53 PM)


sioux4noff

Dec 6, 2012, 11:37 AM

Post #10 of 10 (3882 views)

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Re: [Magilicudy] Question About Inheriting A House and What is Involved for those Qualified to Ans

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Thanks for the explanation. We are a married couple, so that's covered. and in the event of both of our deaths, apparently the house will pass to our daughter relatively easily. We hope, although of course we'll be long gone by then :)
 
 
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