How do I gift my property to my son without creating a tax liability?

My answer is limited to the federal gift tax. Just having a gift does not create a tax liability. First off you must determine how much of a taxable gift you have. In 2014, you can give someone up to $14,000 in present interest gifts and not have a taxable gift. However, even if you have a taxable gift, you do not have a tax liability. In 2014, a person's taxable gifts must exceed $5,340,000 before  the person has any tax liability. The taxable gifts include all taxable gifts made since 1932. If all of your taxable gifts  from 1932 to 2014 do not exceed $5,340,000, you do not owe a gift tax.  If you have a taxable gift in 2014, you must file Form 709, but simply having a taxable gift does not mean you have a tax liability. On Form 709, you will show that your taxable gifts do not exceed $5,340,000 and that you do not have a tax liability.