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Your father wishes to gift his property to you and your 7 brothers and sisters Is an irrevocable trust the best way to do this and how would the family members take title to the property?
Blaket
Father can simply execute a deed naming all 8 family members as the new owners, and perhaps reserve a life estate for himself. There may be gift tax implications if the property given is worth more than, say, $88,000 (the $11,000 annual U.S. exemption for individual gifts, times the number of people receiving the gift). Each person could also be given a smaller portion, spread over a longer term, to avoid this gift tax problem.
An "irrevocable trust", by itself, does not "gift" the property to anyone, except by its terms, which could be identical to the terms of a will, which would be a lot less complicated to establish and maintain.
If the property is worth more than a million dollars, it may be worth having an estate planning attorney discuss planning and tax issues.
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∙ 16y ago
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