Atlanta, GA asked in Real Estate Law for Georgia

Q: My father in law is going to sign the property deed over to us do we need an attorney for this and what forms do we need

Related Topics:
1 Lawyer Answer
Rachel Lea Hunter
Rachel Lea Hunter
Answered
  • Cary, NC
  • Licensed in Georgia

A: You need a real estate attorney. There are no forms unless you are thinking of using a quit claim deed form that you buy at an office supply store or legal forms place on the internet.

Don't be cheap and think you will save a few bucks because if something does not go right then you will end up costing yourself way more in legal fees to get a mess cleared up. Go to a real estate lawyer and have a proper deed prepared. Deeds are not all that expensive.

However, some issues arise. While its swell that your father-in-law wants to give you property, there are gift tax consequences for him if the property is over $13,500 in value. If the land is highly appreciated in value, there might also be a capital gains issue. Also, will he be needing Medicaid any time in the next 5 years? If so, there are consequences there as well. I think your father-in-law needs to sit down with a Medicaid or estate planning lawyer and see what the best way will be for him to transfer the piece of land to you so as to avoid tax and other consequences.

1 user found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.