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If it is done in proper form and not to defraud creditors, then the inter vivos gift may be completely proper. However, there could be some serious tax implications, as the beneficiary of appreciated property under a will gets a stepped up basis and the recipient of an inter vivos (lifetime) gift does not (meaning long term capital gains later on), among other things.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoANSWER:
If you own the house that you are living in and something happen to you, you can write a memo regarding who will take care or even own the house that you have. To make it right you need to make a power of attorney and write the name of the person you trusted to have this house. Remember for that paper to be legal, you must have a clerk in the city hall to sign it and stamp it.
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