Know your heirs' class
Under the Division of Taxation's classes, a child, grandchild, parent, grandparent, spouse or stepchild of the decedent is exempt. A brother or sister is Class C, with the first $25,000 exempt and 11 percent beyond that up to the next bracket. Anyone else is Class D, at 15 percent on the first $700,000. If cousins or friends share this house, tax planning is part of the sale. Keep the death certificate handy. You will need certified copies for the court, the bank and the title company.
