Legal Question in Wills and Trusts in Georgia
estate, gift, trust
My mother is reaching her last days. All of the sudden she is tired of dealing with a good portion of land that she owns. She wants to sign it over to my brother, sister and myself and just wash her hands clean from all of it. Is this the best course of action? What about gift taxes? Estate? Would we lose our step-up in basis? What are the potential outcomes from this happening? And what would we do to mitigate if there is no other solution? Thanks!
2 Answers from Attorneys
Re: estate, gift, trust
No one can possibly answer your questions with only minimal facts about a "good portion" of her property, and perhaps some information about her current condition. If she wants to handle things correctly, now is the time to see a lawyer in the area who handles will, trusts, etc. as a primary practice area.
Re: estate, gift, trust
You asked complex questions that require a lawyer's visit. In some cases, doing what she suggests could be financially disasterous for you - and her. See a lawyer first.
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