Quote:
Originally posted by Sidd Finch
If I type "Fire sale" slowly, will you get it?
A sale driven by the need to pay taxes causes fire sale.
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I;ll get it and tell you you're all wet. First off, taxes aren't due until at least 9 mos. after death. If you have a normal house, you can sell it in far less time without fire sale pricing. Second, when heirs sell houses in most instances they just want to get rid of it and liquidate it. Call it a fire sale if you want, but it's not. It's a rapid liquidation because there's no desire to keep the house but do want their inheritance so they can buy the G.I. Joe with the Kung-Fu Grip. Third, if they have to sell to pay taxes, why not get a mortgage like most people? If the house is subject to mortgage, well that will net out of the estate. So for joe average, your point doesn't hold.
Now, if you're generalizing your experience with a business to joe average, go ahead. But I don't see how you can. So you dealt with a family business that didn't do estate planning. Well, it cost them not to talk to Wonk first. But you've moved from joe averge homeowner to ill-planned family business more quickly than you fairly can.
