Legal Question in Wills and Trusts in Georgia

First of all, you have left out something. If you are the trustee of land, it does not belong to you and the bankruptcy court doesn't get to take it. And if you boss is talking about lending you money on it, that also can't be true if you don't own it. So I am going to assume that what you posted is not correct and that you own the property, likely free and clear. (If you own it and have a debt on it, you can't sell it or transfer it).

It would be an incredibly foolish act to give him property you own free and clear with a right to buy it back, as if anything happens to him financially, you lose the home. So no, do NOT do that. At best he is ignorant of the risk. At worst he is taking advantage. I suspect you are about to be ripped off.

If he does want to loan you money, the proper way is very different. He can loan you the amount and take a first mortgage lien on the property. It can be structured to have no or minimal payments with a balloon that is due in 20 years, with no prepayment penalty.

This protects you as you keep the property unless you fail to pay at the end. If you don't, he simply forecloses and owns it so it protects him to.

My office could likely draft and record such documents. I'd need to see more to know the facts as to ownership, and obviously there are details that need to be drafted. Such deals may have some tax (and other) consequences, so I have to ask a lot more details.

Whatever you do, don't sign or agree to anything without a lawyer. And be wary of what he suggested. It's poison for you, although, as I said it can be done correctly and differently. My number if you and he wish to pursue this properly and you wish to discuss details, is 404-768-3509. My suggestion might be a win-win.

With details I might have other ideas as well.

I agree with Attorney Ashman. Don't do this deal - maybe if its structured correctly you can do i, but not as suggested. Your boss is either naive or trying to take advantage of you.

Why not go a different route and look to resolving your debts without all this? You can resolve debts outside of bankruptcy, but it depends on the house, if its owned by you or a trust or if its owned free and clear. The logical thing, if the house is owned free and clear would be to either sell the house (if you don't want it) or to takee out an equity loan in an amount needed to settle your debts, get them resolved and have you pay back the equity loan over time. If the house is owned by the trust, then its not owned by you and would not be an impediment to bankruptcy, but it may be that you have misstated the facts.