Legal Question in Real Estate Law in Texas
Transfer Ownership of Land within Family
My elderly mother wants to transfer ownership of the family farm and all other personal assets. She is tired of dealing with all related issues. I have two siblings who currently are ok with this. As a family we have discussed selling the farm as it has operated in the negative for last several years and none of my siblings or my mother have funds any longer to support it. What is the best way with least amount of expense to myself to transfer ownership of the farm assets and associated farm liabilites ? Can we simply do a bill of sale showing $10.00 and other consideration ?
2 Answers from Attorneys
Re: Transfer Ownership of Land within Family
You really need to discuss this transfer with a lawyer and ask about your mother writing a will and a lease and about stepped up basis at death.
http://www.reasonable-doubt.com
Re: Transfer Ownership of Land within Family
A bill of sale is not sufficient to convey an interest in real estate. However, your situation has other issues such as capital gains, etc. that could be eliminated if the transfer was handled differently. You are welcome to contact me for a complimentary consultation, but before doing anything get professional advice on this one!
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