Estate Planning / Tax / Gift Question

[Amit Patel]

Estate Planning / Tax Question located in CT

My parents plan on retiring over the next 5-7 years and have 3 rental properties with mortgages on them. They will have the ability to pay the properties off if needed. My question is, what is the process and considerations for them to quit claim the properties over to me. The reason they want to do this is to reduce their income to maximize social security benefit and estate planning.

Happy to ask answer any questions to clarify.