Legal Question in Real Estate Law in California

Re: Gift Deed

Yes. But this is a bad idea. For more important information download and read my free special report on the 7 most common mistakes made by those who do their own planning for death or disability. You can get it at www.Iwant2createmylegacy.com.

Re: Gift Deed

It's legal if it isn't being done for the purpose of hiding assets from creditors or trying to put them out of a creditor's reach. If done for such a purpose, the transaction would be a fraudulent transfer and could be set aside, with both father and son/daughter potentially liable for damages.

A question not asked is whether this is smart. In most cases, gift and potential future capital gains taxes make it a far better choice to pass the property by will or, better yet, living trust, which avoids probate and minimizes the otherwise stiff tax impacts.

The family will be better off spending some money on estate planning than rushing into a gift that benefits only the IRS and the federal deficit.

Re: Gift Deed

I agree with Mr. Whipple, for the most part.

I would stress that your father should consult an attorney who specializes in estate planning and who is familiar with the federal and state tax laws that might apply to such a transfer of real property.