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« If You Have Kids, You've Got to Have a Trust. | Main | How About This For End of Life Wishes? »

Transferring Real Estate to Loved Ones.

Please consult with an attorney before transferring any real estate to members of your family or other loved ones.

If you are selling your real estate for fair market value, that's one thing.

If you are giving a gift or transferring title of your real estate to your parent or sibling or other loved one, it probably is not the wise thing to do. I can say this without knowing any facts.

Lots of issues pop up: property tax reassessments, gift tax, losing the stepped up basis for capital gain taxes, causing ineligibility for government benefits, and so on.

I am not going to write a detailed post today to explain what I just said. If you don't understand what I just said, then it is all the reason to please consult with an attorney regarding your real estate transfer.

You just might save yourself the biggest headache in your life.

Trust me.

Posted by Jennifer Sawday |

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