Aunt and Uncle giving me their home and farm

My aunt and uncle are in their 70’s and live next door to me on the “family farm”. They are giving my wife and I the farm and will remain living in the farmhouse until they pass away. I have called 3 lawyers & have gotten 3 different opinions on how to handle this. 1 Make sure your name is on the Will and do nothing else – the property will be yours upon death. 2 Transfer ownership from them to you and worry about capital gains taxes in the future. 3 Just add your names to the deed and remove them when you sell or transfer the property to your kids – this saves in inheritance tax. Help!

Asked on June 3, 2009 under Real Estate Law, Pennsylvania

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

All three responses sound as if they will get the job done which is have the end result of you and your wife gaining ownership of the property. Although I do not discount any of the advice given I would suggest transferring the ownership of the home to you and your wife's name while they are still alive. This will eliminate the need to probate this matter as well as possibly save on inheritance tax although I advise consulting with a PA attorney on the specific inheritance tax laws

You may have some tax issues based on aquiring said property for what I assume will be worked out as a nominal fee but in the end it would probably be most benficial. I would probably speak to whomeveer you decide to lose and just ask for all the possibilities and that allows you to decide what works best for you


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