0
In the United States, in most states, to make a gift you have to have the intent to make the gift; a delivery of the item; and a relinquishment of all elements of ownership. If it is real property, simply execute a deed giving the spouse the interest you want to gift. The deed should recite that it is a gift as opposed to a sale and that there is no or just a nominal consideration for the transfer. In the case of a house, the person gifting the property does not have to move out as long as it is understood that remaining there is solely because the other spouse says it is alright. If it is personal property of a tangible nature, there must also be donative intent, delivery and relinquishment of ownership. Delivery is done by simply handing the item over. If the property is something like stocks, bonds or securities, again the three elements must be present. Delivery is usually done by changing the name on the account or security or by transferring it as a stock certificate is transferred.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoYou should consult with an attorney. The cost of having a deed properly drafted is well worth it. You should discuss the tenancy options. In some states legally married couples can create a tenancy by the entirety that provides the most protection. In some states it may require a straw deed to create a TBE or joint tenancy with the right of survivorship. An attorney can explain your options under the laws in your state and make certain the deed is properly drafted and executed.
Wiki User
∙ 11y agoYou should consult with an attorney. Tax law is extremely complicated and always changing.
You should consult with an attorney. Tax law is extremely complicated and always changing.
You should consult with an attorney. Tax law is extremely complicated and always changing.
You should consult with an attorney. Tax law is extremely complicated and always changing.
Wiki User
∙ 11y agoYou should consult with an attorney. Tax law is extremely complicated and always changing.
Add your answer:
Earn +20 pts
A No Objection certificate was given by my brother to the transfer of property by father to me via gift. The NOC was given after the gift was registered. Can it be revoked?
noc certificate gave brother
Must you return a gift to a decedent's estate?
No. A gift becomes the property of the recipient.No. A gift becomes the property of the recipient.No. A gift becomes the property of the recipient.No. A gift becomes the property of the recipient.
Is it legal to transfer property i have in my name to my children's name in form of a trust fund?
yes
Will taxes have to be paid on the 20000 gift to your son?
You are the only one that would have all of the necessary information in your hand that would be needed for this purpose. You would have to determine this yourself. Go to the IRS gov web site and use the search box for GIFT TAX The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift. Click on the below Related links
Is any problem for peaceful enjoyment of property acquired through a gift deed than that of transfer of property for consideration?
Neither method affects "peaceful enjoyment" of the property as long as the grantor in the deed is the owner.
A shared interest in your property?
One way to establish a shared interest in your property is through a life estate. Some people transfer their property by deed to their children so that when they pass on, the children will have ownership. When this deed is filed, the person then has shared ownership interest with the children.
Can a co owner gift a property without the consent of other co owners?
The co-owner can only transfer their own interest in the property. If there are four owners the interest of one would be a one-quarter interest. A co-owner can transfer their own interest in the property without the consent of the others.
Can a co-signer be removed from a title?
No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.No. Not unless they transfer their interest in the property voluntarily.
Does property and estate automatically transfer to the surviving children if the deceased did not have a will in the state of Texas?
It will depend on who the survivors are. A spouse has rights as well as the children, even without a will.
What is a devisee?
A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.A devisee is a person who receives a gift of real property by a Will.
When does a gift become an estate?
A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.A gift you receive becomes your property. When you die, if you still own that property it becomes part of your estate.
If someone gives you a gift does that make it your property?
Yes. A gift becomes your personal property.
