Posted on: 26th Nov, 2010 04:04 am
Parents own 3 properties in Ga. All 3 are paid off. I want to get the titles in my name. Is there a minimum amount that I have to pay them? Also, is there a minimum amount of time that the property may still be at risk if one of both of my parents have to move to an assited living facility?
Welcome ocppltmgr,
Your parents can transfer the property to you as a gift and you won't have to pay anything to them. However, in that case, they will be liable for paying the gift tax. It will be better if you could contact a real estate attorney and take his opinion regarding the transfer of the property.
Your parents can transfer the property to you as a gift and you won't have to pay anything to them. However, in that case, they will be liable for paying the gift tax. It will be better if you could contact a real estate attorney and take his opinion regarding the transfer of the property.
Thank you for the response and advise.