It is common for an elder to want to complete family transfers and gifts in order to pass the ownership of real estate or other property on to a friend or family member. But making such transfers without the proper documentation and tax considerations can have unintended consequences. If not properly executed, such a transfer could be taxable.

We regularly take calls requesting help with family transfers and gifts. Many times the request is that we simply prepare the transfer paperwork without consideration of how such a transfer could affect the individuals’ income tax liabilities and future estate planning. We often counsel individuals on these considerations and make recommendations for additional steps to avoid unwanted outcomes. Our experience with these transactions will help you to safely make your desired gifts and transfers. For more information on our estate planning services, click here.

If you are considering such a transfer or gift, contact us. We can guide you through the process to get the results you are looking for.