Family Property | Change Ownership Before Death
Asked Jan 16, 2009, 03:18 PM
My parents own a commercial building. It is currently in my father's name. He wants me to have the building. If I wait to take ownership after death, it would have to go through probate, which neither of us want. I am struggling with the best thing to do, and am trying to weigh the pros and cons.
Q - To transfer the property, that would be a quick claim deed - how do we do that?
Q - If the property is transferred within the family (from father to daughter); will the property taxes be subject to raise, due to transfer in ownership (like a sale)?
Q - My income is higher than my father's (he is retired and on SS alone), if we chose to sell the building, would it be better to do while in his name, so it would not be subject to as much capital gains tax? (I think yes.)