Legal Question in Elder Law in Ohio

Gift of property in lieu of inheritance
If a 83 year old parent is thinking of gifting a home currently valued at $150,000 to a child who has asked for their inheritance early (and who has been care-giver for last 15 years), what are the tax consequences of this? I.E. Based on current federal/state tax laws what will be Tax on Early Gift versus Tax on Inheritance through a Will. Also, if decision is made to go ahead with the gift of the home is there any way to reduce federal/state gift taxes for both parent and child? I.E. is there a better way to transfer property to child that can reduce the tax burden. (NOTE: Parent will be moving out of home to live with another child in another state.)

Asked on 1/22/08, 3:22 am

Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

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Re: Gift of property in lieu of inheritance

I suggest you look into a Transfer on Death deed rather than a Quit-Claim deed.

Answered on 1/22/08, 8:03 am

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