Legal Question in Real Estate Law in Georgia
Transferring land with no change in taxes
My mom wants to go ahead and transfer ownership of some land to my sister and I before her death (does not want to transfer through will). I have been told that doing this would result in a huge tax payment. Also, this might cause the land to be reaccessed at a much higher current rate for property taxes. The land up till now has been transferred by wills for several generations. Is there a way to do this without penalties?
2 Answers from Attorneys
Re: Transferring land with no change in taxes
The only way to find out the specific tax implications, as well as viable options, is to have a lawyer (or a qualified CPA) review all specific facts. Just a few of the important factors are age of the people, value of the land, basis of the land, financial situation of both parties, etc.
Re: Transferring land with no change in taxes
There are many variables, as described in the prior response to your question. Another consideration is your mother's current health status and how she plans to pay for any care in a skilled nursing facility in the event that she requires such services. The zoning of the property will also be a consideration. Legal counsel is really an option that should be considered without delay.
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