how can my dad transfer property to children?

[Joe Capobianco]

My dad owns a vacant lot in Pennsylvania he doesn't want anymore and asked my brother and I if we wanted it. I'm posting here to find out the easiest way to transfer the property from my father to my brother and I. 

is it as easy as us going to the township and sign some paperwork? 

do we need a realtor and lawyer for this?

[Bill B.]

The reason I ask about the value. If you aren’t building until after he passes, you get the value at his passing as your basis. If you are “given” the A) counts against his lifetime giving limit (probably doesn’t matter unless insanely rich) but B) you inherit his cost basis, you will owe all the taxes on the value increase since he purchased. Taxes you wouldn’t owe if you waited. 

Heck, partner with your dad where he gets a certain percent of the home for contributing the land. You and your brother put as much in to the deal as the land is worth and you 3 are equal partners. Then he can leave you 2 brothers his share later, tax free. 

Ps. Not a tax guy, not a cpa, or even an accountant. I just ran in to similar problems trying to buy some land form my FIL.