My sons dad ( we were never married) gave himself a life estate and named me as remainderman on the house/deed….It’s been 15 months since doing this. He was very sick at the time and wanted to make sure his son and I have a place to live so he did the quit claim deed…He named me as remainderman because our 45 year old son doesn’t know anything about paying bills, taxes, etc. So that’s why he named me to take care of things…My question is, if I have my name removed from the deed and he has it put back in his name without a life estate, will he have to pay a gift tax or will I because I’m quit claiming it back to him?? He quit claimed it to me for $1.00 and I will be doing the same back to him…. We live in RI . Thank You
