Free Living Will Nys
What’s the best way to transfer ownership of a house from a father to a son in NYS?
I currently live in my grandparents’ house in Westchester County, NY. It is mortgage free and has been in the family for over 70 years. My father currently owns the title to this house but owns his own house and has agreed that this house will become mine. It is probably valued somewhere around $900,000 so there are big tax implications. We’re wondering how is the best way to handle the transfer of this home… Please advise.
The best way is via his will upon death. You are right, there are huge tax implications if you do it any other way including having him gift it to you before death.
Consult a local tax lawyer. His fee is nothing compared to the huge tax bill you’ll get if you don’t do this (including the exact wording) right.
Locust Hill Apartments For Rent – Rochester, NY
