Legal Question in Wills and Trusts in California
My parents are getting up in age and want to gift me their property in whole taking their names off and puting my name on the Grant Deed as sole owner of the property. The property is clear of any debts only yearly tax's that are current. Whats the best way to handle this?
3 Answers from Attorneys
It is important to discuss the reasons why they want to gift you the property because of the negative tax implications for gifting property versus inheriting property. If there are other reasons such as Medi-Cal planning, then you should have an attorney handle the transfer.
The best way is for you to speak to an attorney, as Ms. Rouse states. Estate planning is not something to do for yourself.
Don't do it. It will have terrible tax consequences in the future. Follow the previous advice and get in-person professional help.
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