Legal Question in Wills and Trusts in Kentucky
My mother(age77)wants to place her home in mine and my brothers names. How do we do this without paying gift tax or placing extra tax on my brother and I? We live in KY and I believe she has a "homestead". Her property taxes are reduced, if this makes sense.
Thank you
Donna
Asked on 10/26/12, 3:05 pm
1 Answer from Attorneys
Andrea Welker
Welker Law Office
Successful legal tax evasion depends on how much the property is worth, and what the estate tax exemption is at the time of her death, which is certainly difficult to predict. You would want to consult an accountant or tax attorney on how best to accomplish your goals depending on your circumstances, and have the deed drafted accordingly.
Answered on 10/26/12, 9:52 pm
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