Skip to main content

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

Flushing, NY |
Filed under: Real estate

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

Attorney Answers 3


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.

This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.

Mark as helpful

3 lawyers agree


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 responsiblity shall be taken by the submitting attorney for any individuals acting pursuant to any information contained herein.

Mark as helpful

3 lawyers agree


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.

Mark as helpful

Real estate topics

Recommended articles about Real estate

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics