QUESTION
Can my dad sign his home over to me while he's still living?
Asked on Feb 17th, 2012 on Estate Planning - Kentucky
More details to this question:
I have lived and taken care of my dad for the last 10 yrs, and he wants to sign his house over to me right now, is that possible? Can my dad sign his home over to me while he's still living? I've lived with him for the last 10 yrs, and took care of him, he wants to do this before he dies.
1 ANSWER
Gregory Thomas Taylor
Yes, your Dad can definitely deed the property over to you right now. He may have to file a gift tax return but as long as the property is valued at less than $1 million, there won't be any gift tax due to the government on it. Please seek out a competent real estate attorney to handle this deed for you.
Answered on Feb 28th, 2012 at 3:03 PM