My parents both passed away young (no will) more than 2 years ago (I know we are past the 9 month inheritance tax deadline) and the only asset that they owned was the family house, which is fully paid off. There are 3 siblings, and I am compiling documentation to be named the administrator. However, we have 2 concerns:
1.) We don’t have the funds to pay the inheritance tax up front. The person I spoke to at City Hall said we could pay the taxes after the sale of the house, as the proceeds are held in escrow until the check processes. Is this advice correct? My concern was that the house would have a lien and wouldn’t be able to be sold. Would it be easier to take out a loan to pay the inheritance tax upfront?
2.) Can the average person handle this sale, or do you recommend an attorney?