Legal Question in Real Estate Law in Kentucky
I am 87 years old and I want to sign my house over to my son. What are the laws and the process that are related to this subject.
Asked on 10/01/10, 9:02 pm
1 Answer from Attorneys
Andrea Welker
Welker Law Office
You can give your son your house, for "love and consideration" but beware there might be gift and estate tax consequences. Go talk to a real estate attorney to draw up the deed and discuss the matter with him/her. The likelihood is your house isn't worth enough to be subject to the estate tax, but there is always a possibility that Congress will not renew the estate tax exemptions next year. You might discuss it with your CPA as well.
Answered on 10/16/10, 9:19 am