Inheritance and Property Rights/Gifting a precentage of property
I own a home with my son. I own(ed) 60% and he owns 40%. I want to give him all of my share in three equal gifts so he can avoid some taxes. The first gift last year was 33.33% of my 60% (or 20%). My questions are: (1) Do I deed the next 20% as "50% of grantor's interest" (since at that point I would own 40%)?, and (2) Do I deed the last 20% as, "100% of the grantor's interest" (since at that point my remaining interest would be 20%)? Thank you in advance.
I don't seen the need to be that descriptive; three deeds reciting you're conveying 33.33% of your interest in the subject property should suffice; make sure they add up to 100% by the time of the last deed.
You don't state whether you're living in the house or not; generally when parents live in the house in question, we recommend reserving a life estate in yourself -- meaning you continue to own a limited interest in the property until your death at which point your interest terminates and the interest you conveyed previously now has "no strings attached". You can still do this with your remaining interests if you want; deed would say "I deed 33.33% of my interest to my son, reserving to myself a life estate therein".