Legal Question in Wills and Trusts in Georgia
My father-in-law is leaving his house to us in his will. The house is paid off already. My question is, when he passes and we receive this house, are there any taxes or fees that we have to pay. I've never been left anything in a will before.
2 Answers from Attorneys
Maybe, maybe not depending on the value of the home and his total estate. See a lawyer.
Where is the house located? Some states have inheritance tax and some do not. What are the other assets in the estate? There are other ways of transferring the land. Your father-in-law should consult an estate planning attorney to accomplish the transfer in such a manner as to avoid tax liability to you and he. You might even want to transfer the land in your lifetime and let him keep what is called a life estate. There are tax consequences to all of this and it is best to talk with a lawyer who is skilled in estate planning to assist you.
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