All Forum Posts by: Jennifer Cannon

We are contractors and property developers in the Jacksonville area. We also do renovations for investors. 

My wife's family is in Philly and my daughter is moving there to finish her Doctorate. She is looking for a place to rent. If you decide to keep it and rent it out you might have a tenant. She has 2-3 years of college. Has a degree or two already. She wanting to move this year. 

The PA inheritance tax will have to be paid at some point, although a perusal of the state's delinquent taxes indicates many do not - the state could attempt to collect. 

Federal estate tax could be zero if the total value of the estate falls below the exemption amount that was set for the year of death. 

An attorney that handles probate and estate matters should be aware of these things. 

@Jennifer Cannon, if it was me, I would want to remember that I OWE it to those I inherited the property from to decide WISELY. Whether to sell or rent out, the important issue is to retain the VALUE of the inheritance to pass on to your future generation (and/or to live well after retirement), while only spending (some of) the income generated by your investment decision (and re-investing the rest so you can repeat the {some} spending). Easiest answer is to rent it out. The management can all be done remotely. Plus it puts you in a great position to be able to BRRRR immediately (look BRRRR up if you need to). Cheers...

Thanks Brent! Great advice. It really hit home. Now to look up BRRRR. Kind Regards.

The state of PA does have inheritance tax. You should get an appraisal of the property's value as of the date of death to help establish the amount of the inheritance (bank accounts, stock holdings and other assets get totaled up when calculating value of the estate for inheritance tax purposes).  Federal inheritance taxes apply to value of the estate above the exemption threshold amount (and that varies by year of death).

Is there an executor / executrix named in a will? Somebody in that role has to be sure that any debts of the estate are paid and publication to debtors has to take place before inheritance us distributed. 

(tip: Use "@" or the Quote button and the person will be notified that you mentioned them in a post)

Yeah.. and it's getting smaller and smaller thanks to the internet, networking sites like BP, and tools such as Skype, etc. I connected with my real estate partners in Jacksonville through BP and Skype and it's worked out great. 

Usually you hear 'horror' stories of overseas investors - it's not without risk for sure! But maybe because I'm used to hiring teachers all the time from the US to come teach in Korea without having met them ahead of time, I'm used to the process of vetting people through technology.

Anyways, if you want to participate in our closed Facebook group, here's a link:

https://www.facebook.com/groups/seoulreigroup/

I haven't heard of anyone with your specific issues but you might connect with other investors from either North Carolina or Pennsylvania who are in Korea.

(Also, if you scroll down a bit - There's a replay of our last meetup so you can get a sense for what we do when we gather together.)

Alright.. feel free to reach out anytime. Look forward to hanging out sometime.

By the way, if you're going to be in Seoul this week, another BP member is flying out from the US to visit and we might try to arrange a little get together.

Take care!