Legal Question in Real Estate Law in Georgia

Our elderly parents reside in a home that we purchased for them (they did not want to have a mortgage, so they pay us rent). We are trying to get our propery taxes lowered as we do not receive any homestead exemption or any other deductions. I was told by Rockdale County office that we could do a life estate for our parents and that would give us the benefit of homestead exemption and possibly other deductions such as for elderly and vets. Any thoughts on this?


Asked on 11/15/10, 5:47 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

A life estate would be a way to get a homestead exemption.

There are some downsides too (such as possible gift taxes, and problems if the property needs to be sold), so step one is to sit down with a lawyer to weigh the options. Having said that, the positives in some cases will outweigh the downside.

Feel free to contact my office to discuss the details.

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Answered on 11/20/10, 7:08 pm


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