Our Father has been diagnosed with myeloma of the bone. His mental health is excellent.
18 months ago one of his brothers died and father inherited 1/2 of his estate together with another brother. The estate consists a dilapidated house with a fair proportion of land. Father had been renovating the house with the intention to selling it. His recent diagnosis now prevents him doing any further physical work.He has suggested he passes his half of the property to myself and my brother so that we can do whatever we want with it. It would be our intention, current market conditions considered, to separate the house and some land to sell now and retain the remaining land until the market gets better. Obviously fathers remaining brother would receive 1/2 of whatever and whenever it is realised.
Our question being, For tax purposes, is it better to transfer his 1/2 share of the property to us or leave it in his name and carry out the proposed sale.
He has not been given any timescale for the myeloma or it may even be contained with his current chemotherapy treatment.
regs dj