Legal Question in Real Estate Law in Connecticut

Real estate turn over

Hi, my wifes parents are approcating their eightys and would like to know how they could turn over their condo to my wife


Asked on 7/03/07, 10:43 pm

1 Answer from Attorneys
James Aspell Law Office of James F. Aspell, PC

Re: Real estate turn over

They are certainly able to do this by way of a Quit Claim deed. The issue arises as to what if any gift tax consequences there would be. There is a $12,000 exclusion per person per year. If you and your wife were both recipients, up to $48,000 of the transfer would be free of estate tax.

best thing to do is ask your accountant how he/she waynts it to be done.

There are a lot of variables.

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Answered on 7/03/07, 11:18 pm


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