Inheriting properties. Who do I talk to?

[Arslan Rakhmankulov]

Hi BP Community! 

Unfortunately, a family member isnt doing so well and might not have long. They are planning on passing down to me a few properties held in an LLC. Which profession should I consult to ensure this process goes smoothly?

[Jack Faysash]

Sorry to hear about your family member. Your family member hopefully has a a will in place that specifically writes out who is getting what assets. The will should also state who the executor will be, which is typically an attorney or trusted family member (I think an attorney is best). It’s very important to make sure nothing is passed on until your family member passes so you can avoid paying capital gains tax. IRS allows 11.7 million to be passed on through an estate without being subject to estate tax.

[Julien Jeannot]

I second the attorney. Most state/county have a bar association that can provide an attorney referral with a free 30min consult.

Then based on the conversation, ask for a recommendation for a CPA. Might as well start a relationship early as you'll need one eventually.