Understanding the Tax Consequences of Gifts

Posted by Harvey L. CoxAug 18, 20210 Comments

Janet is diagnosed with terminal cancer.  She has three grown children.  Janet heard that her children would likely spend thousands of dollars to probate her estate after her death.  Since her only real asset is her family home, she is concerned that they will spend too much on probate to get the house in their names.  Janet also heard that she can help her children avoid probate by deeding the home to them while she is still alive.  Janet hires a lawyer to prepare a deed transferring her home to her children while she is still alive.