Dear Experts,
My father recently passed and my sister is executrix of the will. I was originally scheduled to have $25,000 in cash but there is not $25,000 in cash in the estate. My sister wants to give me instead a promissory note my father held on some property he owned and sold. It is a private promissory note that pays out over the next 20 years I think. Are there tax consequences for me or is this a good/bad idea?
My father recently passed and my sister is executrix of the will. I was originally scheduled to have $25,000 in cash but there is not $25,000 in cash in the estate. My sister wants to give me instead a promissory note my father held on some property he owned and sold. It is a private promissory note that pays out over the next 20 years I think. Are there tax consequences for me or is this a good/bad idea?
