Legal Question in Real Estate Law in New York

A new deed must be prepared, together with the documents required by the County Clerk for filing, transferring title from you to your son. Be aware that this transfer is treated as a gift from you to your son. In addition, when he eventually sells the property, his gain is based upon the difference between what you paid for the property and the sales price for income tax purposes.

There are better ways to do this, permitting you to exercise some control until your death and giving him the stepped up value of the property at your death, while avoiding potential Medicaid issues.

In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.

I hope your son is not a minor. That would cause a real problem since a minor may not hold or transfer real property.

Mike.