Question on will for lawyers or those experienced

[daisyd]

I'm trying to help a friend and was hoping to get input from lawyers and people in the know.

Here's the story. Someone has passed leaving a will splitting liquid assets to one person and immovable assets to another. Looks like there's back taxes to be paid toward immovable assets. So the person inheriting immovable assets is saying that until the backtaxes, penalties associated etc are paid the other person can't take liquid assets. My understanding is, after back taxes etc are paid there won't be any liquid assets left. The immovable assets are valuable enough that when sold it is possible to pay back-taxes and still bring home a handsome amount.

So my questions are:

1) Does the inheritor of liquid assets need to comply with the other inheritor's demand to pay back taxes out of the liquid assets? (This would leave inheritor number one with little or nothing).
2) Can the terms of this will be contested in court?

I'm a total newbie at all of this and I thought I'd ask on here. Any helpful reading resources would be greatly appreciated. Thanks!

[gymnbomb]

I am in the middle of a situation that is different but has some similarities. We were able to work something out to put $ in escrow until property is sold and stuff is paid, then split proceeds appropriately. Might be possible to do something similar so money is fronted from liquid assets then paid back (in full or part) after the sale?


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[daisyd]

I am in the middle of a situation that is different but has some similarities. We were able to work something out to put $ in escrow until property is sold and stuff is paid, then split proceeds appropriately. Might be possible to do something similar so money is fronted from liquid assets then paid back (in full or part) after the sale?


Sent from my iPad using Tapatalk

Thanks for weighing in. I'll pass along this info.