Your dad really made a mistake here. If he was to leave his other children $205,000 and deduct that amount from this brother’s inheritance, it would be the easiest and most cost-effective route. It would be a lot easier and cheaper than taking the notary’s evaluation of your father’s competency to court.
Your dad offering you $205,000 over some years will be a lot harder to pull off given his declining health. Moreover, you would have to file a gift-tax return with the IRS if the amount exceeds the yearly exemption. It’s $17,000 in 2023 for a single person or $34,000 for a couple.
The notarization process has some flaws. “Notarization is excellent evidence of some things, it’s not perfect evidence of anything,” said Daniel B. Evans, an attorney in Atlanta.
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