gift law
How do I go about giving a piece of real estate to my children while I'm still alive and what kind of expenses would I incurr?
1 Answer from Attorneys
Re: gift law
Depending on your age and the size of your estate, the simplest thing to do would be to simply deed the property to your kids. The cost for this would be minimal. You did not mention whether there was one tract of land or more than one, or how many kids you have. Leaving one tract of land to more than one person can invite family strife. As far as estate and gift taxes, if your estate is large enough that estate taxes are potentially a problem, you would want to consider other means of transferring the property to your kids, so you could take advantage of the $11,000 annual exempt gift per beneficiary.
Barbara Lamar
127 Lewis Street
San Antonio, TX 78212
210-223-9389 (San Antonio)
512-470-8225 (Austin)
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