Even tough sounds simple this should be approached very thoughtfully and properly. Dad should consult with CPA to ascertain a number of issues. Is this his primary residence or his base for purchase or reducing his estate value during life time andante more.
Daughter and gift recipient also because of gift tax if over the maximum allowable annual gift.
Dad needs to also consult with estate planning attorney to seek advise as why he is doing this and how to properly effectuate his intent keeping all the above issues in mind as well as the local property tax reassessment trigger exemptions and existing mortgage liability if any.
Is unknown if Mom is in picture if she is she should join dad in all meetings and decision making steps.
So best see an estate planning attorney to cover all aspects. Best of luck.
Ps generous Dad and lucky daughter.
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In addition to the issues mentioned by my colleague, dad needs to be concerned about present or future eligibility for government benefits should he need them. The contemplated transfer may make him ineligible for a significant period of time. Dad should consult with an elder law or probate attorney before making any such gift.
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Mr. Ashouri identifies many important issues. There are many alternatives to accomplishing your goal - you want to choose based on tax benefit and avoiding future issues, not on speed and cost alone.
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