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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I am just finishing up my dad's.   It's just me and my sister, the asset distribution was cleanly split down the middle. [b] It probably helped that almost everything he has was in two large brokerage accounts, except for his personal residence.  He had already transferred that over to me and my sister, while retaining "life rights" for himself.[/b]

If he had passed about 15 years earlier, it would have been alot more painful of a process.  He got connected with an Edward Jones broker back then, and I am eternally grateful to her for consolidating a bunch of accounts he had and getting him out of speculative things into stable investments.  She also had him set up a "Transfer on Death" document on the account, which simplified the asset distribution as well.

It also helped that I had been helping him with his paperwork for years, so I knew everything he had and there were no surprises.  That's something that I think would be more complicated in an in-law situation.[/quote]

He transferred his personal residence to you and your sister while he was alive?  If the property had appreciated since he bought it, that would be a huge mistake. You and your sister will owe capital gains taxes whereas none would be owed if you two had inherited it upon his death. [/quote]

It was done with a "life estate" maintaining his rights to the property.  It was considered part of his estate for tax purposes, and we have the stepped-up basis for any future capital gains.   No mistakes were made. [/quote]

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