This column first appeared in the San Antonio Express-News on April 12, 2016. Dear Mr. Premack: My husband passed away two years ago, leaving me as his sole heir. Six months and five days later, I sold a farm that was partly his inheritance and partly acreage we bought together. My accountant says that because of those five days, I need an appraisal to satisfy the IRS as to gain or loss on the property. I also sold part of the mineral rights, so the accountant says I should a

This column first appeared in the SA Express-News and its MySA website on June 23, 2015. If you simply accept ownership of the inheritance, you could turn around and gift it to your children. Your accountant is correct, however, that a gift might cause tax issues. If the amount you transfer to each of your children exceeds $14,000 (in any single calendar year) then you must file a gift tax return. You can tell the IRS that you want to apply part of your lifetime gift tax exem

Be certain she has a legally valid Durable Power of Attorney appointing a trusted agent to make her financial decisions.