Gloucester Township, NJ Estate Planning Law Firms & Lawyers

First you have to look at the total value of the estate.  Estate tax is imposed on estates with a total value over $675,000.  You look at all of the assets in the estate and then deduct certain costs and expenses like funeral costs, attorney's fees, etc.  If the total amount remaining after the deductions is over $675,000 then you will pay tax.  If you become a joint owner of the house, then when you sell it you will pay capital gains tax on the difference between the sales price and the price your mother bought the house for in the 1980.  Balancing those two taxes out, I would say leave the house in mom's name and pay the estate tax - its less than you will pay in capital gains.  You will not pay inheritance taxes because you are Class A beneficiaries as children of the decedent.  

you do not have to wait for the waivers, but before you pay out anything from the estate, get each recipient to sign a release that they have been paid.  The release can be found on the State Judiciary website.  this is proof that you have done your job as the person in chrage of the estate.

If there is a lien, for the foreclosure, the lien would be against the property, not against the holder of the life estate.  I'm not sure that answers the question.  The life estate does not protect the property from foreclosure