Legal Question in Real Estate Law in Florida

I have a child with autism. I wanted to leave me buisness property to him so i added him with a quit claim deed with right to survivalship this year. Is there any gift or other tax that i would have to pay.If so can I just change it back before the year is out.


Asked on 10/05/09, 4:00 pm

1 Answer from Attorneys

Richard Stoffels Stoffels Law Group

This question presents a number of issues. First, you would need to file a gift tax return for the gift to your child. No tax should be paid, but the filing of the return ultimately reduces the amount that can pass to your heirs estate tax free. Having your child deed the property back presents the same issue. Now, assuming your child with autism is competant to execute a deed, your child would also have to file a gift tax return - ultimately resulting in a reduction of the amounts that either of you an pass on tax free upon your deaths. If your child is not competant, then you are talking about having to create a guardianship in order to gift the property back.

There is not time period for undoing a gift - just because it gets gifted back within a year does not nullify the transaction.

I feel for you because I think you have created a bigger mess than you intended. My best advice is to consult an estate planning attorney like myself before making any further moves which could complicate matters further.

Good luck to you.

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Answered on 10/05/09, 4:12 pm


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