Gifting Property From Parents to Kids

[Rich Ramjatan]

Hey BP, Writing this post on behalf of a friend :

A Friend of mine wants to gift a property to his kids valued around $500K . His attorney advised him that the process is pretty straight forward , but he should talk to his accountant for the tax implications. He is reaching out to his accountant for more details on the process.

Just wanted to get your insights here on how generally its done, and the typical associated fees , taxes, and strategies . Thanks!