I have been just diagnosed with terminal illness. I would like to transfer the house in NYC to my child. What would be the

Asked over 1 year ago - Flushing, NY

fastest and the least expensive way to do that, please ?

Attorney answers (3)

  1. Richard J. Chertock

    Pro

    Contributor Level 17

    3

    Lawyers agree

    Answered . There are several ways. One is to add your child to the deed as a joint tenant with right of survivorship. Another is to transfer the deed to her and keep a life estate so that you can live in the house until you pass. A third way is to leave the house to your child in a will. You need to consult with an attorney to determine the best way to approach this as each one has different tax consequences. For example, if you simply transfer the house to your child you may have to deal with gift taxes and your child will get the house at your basis which may create a capital gains tax problem for her in the future. If you leave it to her by will she will pick up the house on a stepped up basis meaning the market value at the time of death, however, there will be the costs of drawing and probating the Will. A complete evaluation of your financial and family situation is necessary to give you the best answer to a question like this. It would be best if you consulted an experienced real estate or estate attorney and/or a CPA prior to taking any action.

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  2. Noah D. Cohen

    Contributor Level 10

    3

    Lawyers agree

    Answered . It is fairly fast and inexpensive to transfer the house to your child via a deed.

    However, a misstep could be expensive. It would be worth your time to sit down with an attorney who could explain your options.

    Good luck.

    Note: This response is for general informational purposes only. No attorney-client relationship is created. No... more
  3. Yefim Rubinov

    Contributor Level 17

    Answered . Sorry to hear about your situation. the best and the cheapest way to transfer the house is through a deed transfer.this will save your son Court fees if you do via a will. I suggest that you consult a lawyer right away.

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