What and when isthe best way to gift a house to someone?
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What and when isthe best way to gift a house to someone?
My parents have a Will that states their house is to be given to me after their passing. In the state of GA, do I need to get the Will probated? Also, should I have their house deed put in my name to protect them in case they one day have to be in a facility/nursing home?
Asked on September 16, 2011 under Estate Planning, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to answer your question is to actually know what your parents' financial situation is for estate planning purposes. Do they have adequate health insurance or not? Do they have substantial assets or not?
If you are to receive their home in their current wills when they pass, the best way to prevent their assets being drained for health care in the future is to have their home appraised and that they gift to you via a gift deed each year via a recorded document upon the home a certain percentage of it up to the amount allowed under IRS guidelines tax free where a gift tax return is filed where no gift tax would be triggered. The gift deeds would state that they have a life estate in the property.
Over the years your interest in the home would increase and theirs would decrease yet they would always have a life estate in the home until they pass.
I suggest they and you consult with a wills and trust attorney regarding this situation.
Good luck.
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