Legal Question in Wills and Trusts in Texas

If it's your land, you can do with it what you please. If you want to deed it to your son now, you can do that. If you would rather it go through your will, you can do that, too. It will be separate property, as transfers via gift and probate are separate property.

Here are some things to consider:

1. If you deed it to him during your lifetime, then any gains in the land since you acquired title will be taxable. If you use a will to transfer it to him, then he receives the property with "stepped up basis." This means that he receives the property with the value as of the date of death.

2. If you transfer the land to him, he can always sell or mortgage the property or lose it in a lawsuit. If maintaining it in the family is your main goal, then consider either giving him a life estate (the right to use it during his life) or setting up a trust to own the land.

Please let me know if you wish to discuss this further.

Dave

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