Q: Brother has dementia in Veterans Center & wants to quick claim his home/10 acres to his 2 children for $1--sign as PoA?
I have a notarized general PoA for my brother activated by his physician at the Veterans Center. Assume now I must sign vs my brother? Any issues with this early inheritance? Home is in Oklahoma; downloaded Oklahoma Quick Claim Deed Form to complete and process in Cleveland County.
A: It is very unlikely a "quitclaim deed" transfer for his children for $1 would be treated by the IRS, state tax authorities or the local property recording office as a bargained-for sale. Instead, the difference between FMV and the $1 price will likely be deemed taxable, ordinary income to the children and will be subject to gift taxes assessable on the father.
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