Legal Question in Real Estate Law in Georgia
My father wants to transfer his land to me now before his death. He does not want to wait until his death to give me the land. It would be my inheritance upon his death but he doe snot want to wait until then. He want sto know it is taken care of and he will not have to worry about it.
1 Answer from Attorneys
You didn't ask a question in your post, but I am guessing is your question "can he do it? or "should he do it?""
The answer is "usually yes, but..." In some cases creating a joint tenancy with right of survicorship would be an option. Another possibility, a deed reserving a life estate, might be a good option.
There are some hitches. Will it trigger a gift tax? Will it eliminate his homestead exemption? Does it affect his future Medicaid eligibility? Is there a due on sale clause? There are other possible issues too.
I see you are in metro Atlanta. My office handles these type transfers. A consultation, and actually doing the transfer if it's a good idea, is rather inexpensive. Feel free to call me at 404-768-3509 to discuss this further.
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