Transfer of Real Estate from parents to child (and spouse)
We are trying to transfer real estate (with home and garage) from my parents to me and my spouse. Are there any implications of them giving us the property outright? I'm specifically interested in tax implications, but any other considerations I don't know enough to ask about as well.
1 Answer from Attorneys
Re: Transfer of Real Estate from parents to child (and spouse)
There are a number of issues. There is a tax issue. There is a possible mortgage issue. There is a title issue. Depending on your reasons, there could be a medical assistance or bankruptcy issue. If you are doing this for estate planning reasons, I would recommend you talk to a lawyer first.
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