Legal Question in Real Estate Law in New York
gifting a residence to relative
Can a grandmother 'gift' a home to her grandchild? Residence is paid in full, but due to age of grandparent and health concerns, she would like to give the home to granddaughter. Is this possible, and what would need to be done to do so?
Asked on 2/26/07, 8:22 pm
1 Answer from Attorneys
Michael Moberg
Moberg & Associates
Re: gifting a residence to relative
Yes but you should consult with an attorney in your area regarding tax consequences of the gift (capital gains tax for the recipient) and possible Medicaid ineligibility (if that is the reason for the transfer).
Your grandmother does have numerous options depending on her objective.
She would need to sign a Deed and transfer documents and record the Deed with the county clerk's office in the district that the property is located.
Answered on 2/27/07, 10:13 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
