Real Estate Law
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Thanks for your question and good afternoon.Anything you deed to them prior to marriage is separate property.If he were to marry after the fact it still remains premarital separate property.You certainly can deed it to both of them and they are joint owners of the property.And this would certainly leave the son an interest even if the brother deceases.He can only will his share away not the sons.
Alternately you could leave the brother a life estate and residual interest to the son.That way brother can use it for his lifetime and it passes to the son on his demise.
That would be an alternate way to ensure the son gets clear title if the brother deceases down the road.
That might be your best alternative here to allow him use of it for life and then residually it passe to the son.
You would do this by a deed leaving life estate to the brother and on his demise to the son.
I would have a local lawyer or title company prepare this to make sure it gets proper language.
I am here if you have more follow up.Take your time.
I appreciate the chance to help.
During this "life estate" to my brother and upon his demise to his son-He would not be able to dispose or otherwise give the property to others? And is he became medically infirm, would the son manage the property for him? Would there be any tax liability on this for me in that I am giving the property away? I am living in Virginia at the present. Would an attorney from here suffice or is it better to get an attorney from that area? Do you have any idea of the cost(s) associated with this transaction?
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It would require both of them here to dispose of it.In order to sell it then both have to sign the deed.You could also just will it to them.That way you retain the ability to change your mind.
and finally, I would want him to own and to take care of the property until or when he was unable to-and then automatically transfer to property to his son. My concern is that he is somewhat immature in his dealings with others and that these " others" would somehow con him into something that was not in his best interests.Thanks
You could leave it in a life estate and residual to the son if you want them to pay taxes and maintain it.
These would be your choices here.Either a deed with life estate and residual to the child or will it to them and keep control of it.
I appreciate the chance to chat today.
I think that the " residual" is the best way to go. Do you have any idea if I will have to pay any taxes on this " free" exchange? Any idea on the lawyer's fee? Thanks for the advice.
NC has a return here due on a gift like this..
Sorry NC repealed the state gift tax..
Thanks for your expert assistance. You will receive a well deserved excellent rating. Thanks again!