Legal Question in Wills and Trusts in New York

Re: property transfer or giving

Your parents would have to deliver a deed to you and it would have to be recorded, there may be tax consequesnces involved with the transfer.

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Re: property transfer or giving

I agree with Rudolf and Steve that all that is needed is a Deed. However, depending upon the value of the house and any mortgage balances, there might be gift tax implications. Also, you do not say if you are the only child? If not, what are they doing for other children? If not done properly, and there are other children, there could be a big court battle down the road. I suggest speaking with an estate attorney before you do anything. There may also be income tax ramifications down the road, which should be explained to you also. You do not say why this is being considered now, and there may be alternatives available, once all facts are known.

Re: property transfer or giving

You parents should hire an attorney to prepare the required documents which must be properly recorded. The transfer would not be an inheritance, but would be a gift.