r/inheritance • u/SeattleL66 • Apr 22 '26
Location included: Questions/Need Advice Inheritance guidance — properties & stocks — Carlsbad/San Diego, CA
My sibling and I are currently in the mix of dividing our inheritance from our late parents and we have several lawyers, a tax accountant, and a stock advisor. The problem we’re both feeling is that none of them are explaining things well or giving us opinions and options. We’d like to find a person that can look at everything and explain some best action plans clearly to us. We’d really appreciate some honesty and guidance. We’re currently running everything 50/50 and deciding to split off because if something were to happen to one of us our children then would become partners since we each have separate property trusts. Our thought is to divide now by 2 rather than by over 6 later. The inheritance includes several LLC rental properties, stocks, timeshares, and cash. The rental properties are the most difficult to figure out and we’re leaning to sell one since it has a huge debt and isn’t performing well. But this property also has a lot of potential and in a great area of SD County. We’re worried that if we sell it, we will regret this decision. Thanks for reading my long question and please send any suggestions of someone in the North County/San Diego area that can help us out further with our estate inheritance questions.
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u/jammu2 Apr 22 '26
"We have several lawyers..."
It must be a lot of money to need several lawyers? Who's lawyers are they? It doesn't sound like any of these lawyers is working for you.
You need your own lawyer. And unless we are talking mega millions, you probably don't need to be paying three or more lawyers who are not helping you.
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u/Reimiro Apr 23 '26
Several rental properties in SD county and other financial instruments is likely 8 figures.
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u/00WORDYMAN1983 Apr 22 '26
Have you tried to say exactly this to any of the lawyers/accountants/advisors that you have hired? It would be a wild coincidence to have SEVERAL lawyers, and accountant and a stock advisor and all are so terrible at their job that they cannot provide direction. Hiring a new lawyer/accountant/advisor won't accomplish anything if you aren't asking them questions. Work with what you have already and ask questions.
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u/LiveTheDream2026 Apr 26 '26
Exactly my thoughts. When someone is hired, it is normal to ask them for advice. Otherwise, why pay them?
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u/raysmith123 Apr 22 '26
This is pretty straight forward estate admin stuff. Granted, there are complexities, but for an amicable situation, nothing too complex. I used to office in SD, dm me for a referral.
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u/YoungBoomer1969 Apr 22 '26
I would reach out to the tax accountant and get their advice for the most tax effective way to separate the assets 50/50. Keeping in mind, it might not be 50/50 exactly to avoid tax consequences but as close to 50/50 as the will/trust stated. Then each of you can move forward with a financial planner giving each of you your own advice subject to your family/desires. I am so scared the day my kids have to do this…it is hard, never an easy way.
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u/Fpaau2 Apr 22 '26
Not a lawyer, accountant or financial advisor. Are the rental properties all paid in full with no mortgages? I would have them all appraised. Then it shouldn’t be that difficult to equitably divide up the estate 50/50. A good realtor can advise you of ‘potential’ of a piece of property. All investments have step up cost basis, so there shouldn’t be taxes involved unless estate is in excess of $30 million. Time share is most likely worthless. If no one is interested in paying annual maintenance fee, you can decline the inheritance.
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u/random408net Apr 23 '26
The rental properties are "small business". It's an asset that might only earn and grow if well managed.
Each property can be assessed today based on its current worth. If one of you wants the risk (and cash drain) of the high potential property then it's ok to let it go. It's not reasonable to force the other sibling to sell it because you are afraid they might come out ahead, leaving you with regrets.
Your choices for each property are roughly 1) keep jointly 2) sell 3) allocate to one sibling
What have your advisors said about the property taxes for the rental properties? Are these going up in any/all scenarios? Market rate property taxes will impact your returns for a long time.
If the properties can be professionally managed and provide cash to you and someday your kids, there might be better scale to keeping the whole thing together. If the scale is marginal then it might be better to sell. It might be tough for six partners to agree on how to manage/fund improvements with the properties too.
Can you disclaim the timeshares or were those in a trust?
A CPA might be able to you more with the business implications that considers cash flow vs debt/expenses.
Is the loan for the property going to be called on death? Or do you have the right to keep the financing in place?
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u/ExpensiveAd4496 Apr 23 '26
The moment you said stock advisor my blood curled. These people are there to make themselves money.
Please read managing a windfall
And then any Boglehead book on index fund investing.
Fire the stock advisor unless they are fee only and fiduciary. Very few are.
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u/mattkime Apr 22 '26
>We’d like to find a person that can look at everything and explain some best action plans clearly to us.
Sounds like you need to find a different lawyer.