Is there a way to stop my elderly father from being taken advantage of at his age?
My father is 81 years old, in the past year he quick claimed a house and 5 acres (value $350,000) also quick claimed 20 acres of land (value $265000) to one grandchild. He has 2 living children and 5 grandchildren total. He said it was his property he would what ever he wanted to with it. Will he have to pay gift tax? Also I have 5 acres that is deeded in my name and my fathers name, it was set up as "joint tenants in commom, right to surviorship", this was done 15 years ago, my fear is maybe he could revoke this and give it to the same grandchild. Is that possible? The grandchild continues to take advantage of him and no one in the family is speaking to each other because of his actions. What can be done to prevent him from giving his remaining assets to this same grandchild?04/10/2007 | Category: Real Property | State: Tennessee | #2870
If a person no longer has their name on the title to the property, they may not transfer it. A person is generally free to leave their assets to whomover they choose.