The newly released guide, titled “What to Do When You Inherit a House in the District of Columbia, Maryland, or Virginia,” answers many of the questions those who inherit property have about taxes, the probate procedure, and selling the inherited real estate.
More information can be found at https://guidetoprobate.com/how-probate-works/inheriting-house-dc-va-md
In his latest piece, Marc Cormier notes that inheriting a house can be a double-edged sword, bringing both joy and challenges. In response, he offers his insights as a realtor familiar in the probate process to help readers navigate the complex probate process.
Mr. Cormier begins by outlining the probate process, emphasizing the need to determine whether the deceased individual had a will. He points out that if the deceased had left no will, the court would appoint an administrator to manage the estate and distribute the remaining assets to beneficiaries.
The guide also delves into the tax considerations that come with inheriting a property. These taxes, as Mr. Cormier points out, may include income and probate taxes, estate taxes, inheritance taxes, and capital gains taxes. He emphasizes the importance of working with a CPA with experience in inheritance tax issues to avoid mistakes and ensure all legal obligations are met.
For those planning to sell their inherited house, the guide provides practice advice that covers various aspects of the home-selling process. According to Mr. Cormier, the first step in the process is determining the property’s value, which can be achieved by engaging a professional appraiser. Other vital factors highlighted in the guide include deciding whether to enlist the services of a real estate agent and if renovating the property before selling makes more financial sense than selling it as is.
As a probate realtor with over two decades of experience, Marc Cormier understands the intricacies of probate real estate transactions and can handle the entire process for clients.
He also provides cash-for-home services, offering to buy inherited properties from those looking to sell quickly without going through the traditional home listing process. His offers are based on the going market rates and the current condition of the house.
Cormier says, “Working your way through the intricacies of probate procedures, federal tax, state tax, and more while dealing with the loss of a loved one is an incredible challenge. This guide provides a roadmap for everything you need to know about inheriting a house.”
Additional details are available at https://guidetoprobate.com/
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