Legal Question in Real Estate Law in California
Gift of real property
My very elderly (91 and 78) parents own a house worth about $600,000. Can they give it to my 49 yr. old brother (who has a low income)? What would be the correct procedure? Thanks.
2 Answers from Attorneys
Re: Gift of real property
They could create a trust so that he could have it when they are both gone. If they want to dispose of it for purposes of qualifying for government programs, they should see an attorney who specializes in elderly issues. I can envision some dangers of giving a house to someone with low income without certain provisions to protect them.
Re: Gift of real property
I would recommend that they put their assets in trust. This way the beneficiaries would get a stepped up tax basis and avoid probate.
If there are other reasons, please contact me.
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Good luck and thank you for your inquiry.