Legal Question in Wills and Trusts in Georgia

My nephew wants to transfer a deed on a condo that he inherited (sole heir) from a deceased father to me (his aunt) who took care of him for 8 years.

He is a 19 years old orphan who will be starting college in the fall of 2016.

What is the best way for him to transfer the deed to me? What type of deed should be use (there is no money changing hands). His goal is to minimize costs and taxes.

What taxes, if any, does he have to pay in GA? Will I need to pay a transfer fee tax?

Thank you,

Priscilla


Asked on 5/03/16, 6:41 am

1 Answer from Attorneys
Rachel Hunter

Why is this a probate question? If the child inherited it from his father has an estate been probated and why wasn't this handled in the estate? If the child does not want the condo. why can't he just renounce? Who would get the condo then?

If an estate has been settled then you and the nephew will need to see a real estate lawyer. Why is this needed? Why does he have to transfer the condo to you? Is he trying to make a gift? In that case a deed would have to be drawn up by a real estate lawyer. He needs to consult a tax attorney or CPA because there are gift taxes as well besides transfer taxes. You can only gift up to $13,500 worth of stuff to any one person per year. If the condo is worth more than that then nephew may want to structure this differently. Why not make you a power of attorney and manage it? Or let you sell it for him? Why can't you buy it from him?

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Answered on 5/04/16, 11:42 pm


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