What is the best way to give my daughter the deed to my house and property?

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What is the best way to give my daughter the deed to my house and property?

I live with her and her family, I only have a will made with one of those diy software packages and I cannot afford to consult anyone locally. My daughter and her family take care of me. I can no longer drive and have difficulty getting around. I would like to give my house that we all live in to her now so that she may acquire a loan against it to do necessary repairs and make my bathroom handicapped accessible. I am confused by a quit claim deed, a gift deed and a warranty deed. I do not want her to incur alot of expenses because of this. My house is totally paid off and my personal property taxes are up to date. Could you please direct us?

Asked on July 10, 2013 under Estate Planning, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult an estate planning attorney about what you wish to do. If you cannot afford one, go down to your local legal aid clinic or council on aging and see what assistance can be given. Giving away your entire home to your daughter all at once could create gift tax ramifications for your that you do not intend to have.


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