Legal Question in Real Estate Law in New York

gifting a residence to relative

Can a grandmother 'gift' a home to her grandchild? Residence is paid in full, but due to age of grandparent and health concerns, she would like to give the home to granddaughter. Is this possible, and what would need to be done to do so?


Asked on 2/26/07, 8:22 pm

1 Answer from Attorneys

Michael Moberg Moberg & Associates

Re: gifting a residence to relative

Yes but you should consult with an attorney in your area regarding tax consequences of the gift (capital gains tax for the recipient) and possible Medicaid ineligibility (if that is the reason for the transfer).

Your grandmother does have numerous options depending on her objective.

She would need to sign a Deed and transfer documents and record the Deed with the county clerk's office in the district that the property is located.

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Answered on 2/27/07, 10:13 am


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