Legal Question in Real Estate Law in Ohio
transfer of property
My boyfriend's mother has been dagnosed with stage III cancer. She wants to transfer her property to him before she dies. How should she go about doing this?
1 Answer from Attorneys
Re: transfer of property
Personal property can be gifted outright. Real property must be deeded. Bank accounts must be transferred by changing names. HOWEVER, there are gift tax consequences to transferring property greater than $11,000 per person per year. There may be intent to defraud creditor issues if she has incurred debt. Also, there are ways by naming her son as beneficiary to have the property transfer on her death but outside of probate. Your boyfriend's mother should have her estate plan reviewed or prepared by an attorney to see what the best plan is.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
