What is the easiest way to gift a property?

[Victor So]

My mother has a condo in the city of Chicago, which is her primary residence. Recently, she stated that she wants to gift me her condo and eventually move into a senior home. As she is getting older in years, she is looking to eventually put all of her assets under me. Her goal is to make sure all of her assets are somehow allocated to me and other family members before she moves into her senior home.

What would be the best way for her to gift me her condo by putting the title and loan under my name?

[Jaysen Medhurst]

@Victor So, I'm not a CPA, so take this with a grain of salt: The limit on "gifts" by the IRS is $15k/person/year. The difference between that and Fair Market Value of the property would be taxable.

That being said, it may not make sense for her to "gift" you and other family members her assets. Assuming her net worth is below the estate tax cap ($11MM, I think), you wouldn't pay taxes when you inherit her estate upon her passing.

If the question is control over her assets and the ability to make financial decisions, you really should speak to an estate lawyer about setting up power of attorney, etc. and making sure that your mom's wishes are properly documented and communicated.