My father (75 yrs) is considering selling his ancestral home. I am seeking advice regarding the division of capital gains from the sale of the property amongst the survivors.
The property was bought by my grandfather (GF) circa 1920. GF passed away in 1946. GF was survived by his wife (my grandmother or GM), his two sons (my father and his half-brother or my uncle) and one daughter (my aunt). My uncle (or half-brother of my father) passed away in 1994 and his wife died in 2004 - they had no child. My grandmother passed away in 2010.
My father and my aunt are the surviving children of my GF. My aunt was married in 1962; her husband (my uncle) passed away in 1983. My aunt has one daughter and two sons (one of the sons passed away in 2009). My father has one son (me) and two daugthers.
My question is upon the sale of the ancestral home, how should the capital gains be distributed?
Thanks
KK
