Transferring property to heirs

[Alexandra E Aponte]

Hello BP! Love this website, the podcasts, forums, books etc. thank you in advance for the wealth of information. Here's the situation: My father would like to transfer a property to my name, or essentially "gift" it to us since he is well into his golden years and does not wish to deal with management anymore. I will still be giving him the passive income the home generates, however he would like for us to take advantage of the equity in the home. It is owned free and clear, worth approx 140K. My question is what would be the smartest way to do this considering tax implications with passing wealth from one in individual to another. I will be using property as investment as the current tenant has renewed the lease in the property now. Based on some research that I have done I have an idea that a trust may be involved. Can anyone elaborate in layman terms? Thanks again! Alex A.