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! 

[Henry Clark]

Either way, pay $5,000 to $10,000 for a Trust lawyer to set up a trust and go through the tax ramifications.
There are way to many questions to be asked and answered through this forum.  Both from a Family and business standpoint.

For example, if this was an income producing property, then he could do a Sale and leaseback from/with his kids.  Good short-term and long-term ramifications for both groups.

If he is at this stage in his life and is open to investment discussions, and I assume based on this gift he has other assets, he needs to go through a checklist:

1.  Long-term health policy

2.  Long-term assisted living policy.

3. End of life, Legal, health, access POA to assets/bank accounts versus in court, etc.

4.  Grandkids college

5.  His accountant should pull together all documentation for "Basis" on his assets.

Don't chip away at the discussion.  Go to an estate/Trust attorney.