Legal Question in Real Estate Law in New York

We owned a plot of land in Florida. For estate planning purposed we put the property in our daughters name. Now we want to return it to our name. What are the legal and tax ramifications?


Asked on 4/30/13, 12:35 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

I see none, other than the increase in the value of your estate, but you should ask your accountant.

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Answered on 4/30/13, 12:47 pm
Walter LeVine Walter D. LeVine, Esq.

Possibly another gift that might reduce your daughter's lifetime exemption for her own estate planning. I am not sure what your motivations are, so there may other ways to accomplish the same result without an actual reverse of ownership that might have future ramifications.

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Answered on 4/30/13, 12:59 pm


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