QUESTION

If brother and I inherited house in will left by aunt and I need to transfer deed into my name with my brother's consent, can we use a quitclaim deed

Asked on May 08th, 2014 on Estate Planning - North Carolina
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1 ANSWER

Yes. Your brother can transfer his interest in the property to you by quitclaim deed assuming that the administration of the estate has been completed and all debts are paid. I don't know what the property is worth but your brother may have gift taxes if his share of the property is worth more than $13,000. So he may want to consult his CPA about that. By transferring the property to you he will be deemed to make a gift to you. If the estate is still open and its been less than 9 months since your aunt died, your brother could also file a renunciation/disclaimer. In that case, he will be treated as if he died before your aunt and you would have to look at what her will says if someone predeceased her. If the property would be going to you then the renunciation/disclaimer would be the way to go. Have an attorney draft this for your brother.
Answered on May 08th, 2014 at 1:18 PM

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