If our parents added my sister and I to their farm deed but it was never recorded, should we record this old deed or have a new one written?

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If our parents added my sister and I to their farm deed but it was never recorded, should we record this old deed or have a new one written?

About 13 years ago, each of us was given a 1/3 undivided interest as tenants in common. The deed was signed and notarized but never recorded. If we should have a new one written, should it show the current land value?

Asked on June 27, 2012 under Real Estate Law, Kentucky

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Before any deed is recorded concerning the real property that you are writing about I suggest that you and your parents consult with a Wills and trust attorney. The problem is that under federal law, one can give $13,000 per your per person tax free. Anything above the $13,000 to a particular person creates a gift tax issue.

I suggest that the family farm be appraised and if your parents wish to gift portions of it to you and your sister, each year a fractionalized interest in the farm equal to $13,000 per parent be gifted to each child for starts.


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