Legal Question in Wills and Trusts in Illinois
Transfer of Property
My father purchased my grandmothers house for $1 two years ago. My grandmother just passed away and now my father would like to give the house to me for $1. Is this the best way to transfer the property? What taxes will be due for him and me? What other legal issues do we need to consider? What type of lawyer or accountant should I consult to understand the implications of this transfer?
2 Answers from Attorneys
Re: Transfer of Property
Accountants cannot give legal advice, so contact a real estate lawyer.
Re: Transfer of Property
Anything over $12,000 is subject to gift taxes. Also there are many vulnerabilities with outright gifting including lawsuits, divorce, bankruptcy, and estate taxes. The proper professional to consult with is an attorney who specializes in estate planning. Go to: myestateplan.net
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