Posted by JHyre in Ohio on February 28, 2002 at 06:53:51:
You’d have been better off had she transferred ownership in the home piece by piece over the years…it would have minimized her gift/estate tax liability. As it stands, if she has a large estate, she should transfer it to an LLC and transfer approximately $12,000 worth of LLC interests to each of you every year, while willing the remainder to you. If her estate is small, she can simply gift you the house now, since her/your estate tax exposure is small.
Posted by Brenda on February 27, 2002 at 16:44:18:
My 82 year old mother owns a house, that she wants to give to my husband and I before she passes away. Should we just add our names to the deed with hers or should we deed it, a gift to a child and take her name off? This house is a rental and she wants nothing to do with it. My husband and I take in the rent and pay the property taxes. I do not want the property reassessed because her taxes are low. I also don’t want to pay a big capital gain, if we ever sell it. She paid 17,000 and it is now worth almost 200,000.