BenZachary
Junior Member
What is the name of your state (only U.S. law)? Rhode Island
Hello...
My grandmother is in poor health ) :
She is gifting a property to me that I believe has been assessed in the 200k to 400k range. I will find out soon.
My question is ... What is the best manner of making the transfer? Would it be the 'sale and debt forgiveness method'?
We would prefer to go about this without a lawyer, however if it is strongly advised, we are considering it.
Neither me nor my grandmother have much in the way of savings (just about 4k between both of us), so paying a large tax or lawyer's fee will be very hard. Additionally, I have unfortunately just received a wage garnishment notice due to a federal student loan of 50k. I am concerned about a lien, but as I understand it, the gov't cannot outright seize property, is this correct?
Despite all this adversity, I have made recent advancements in my career, and should have enough to pay both the tax, and my student loan payments, for the first time in my life, perhaps in a nick of time. The property in question was built by my deceased grandfather, and we will do everything we can to hold onto it.
If anyone could point out some basic steps, I would be very grateful.
Thanks,
Ben
Hello...
My grandmother is in poor health ) :
She is gifting a property to me that I believe has been assessed in the 200k to 400k range. I will find out soon.
My question is ... What is the best manner of making the transfer? Would it be the 'sale and debt forgiveness method'?
We would prefer to go about this without a lawyer, however if it is strongly advised, we are considering it.
Neither me nor my grandmother have much in the way of savings (just about 4k between both of us), so paying a large tax or lawyer's fee will be very hard. Additionally, I have unfortunately just received a wage garnishment notice due to a federal student loan of 50k. I am concerned about a lien, but as I understand it, the gov't cannot outright seize property, is this correct?
Despite all this adversity, I have made recent advancements in my career, and should have enough to pay both the tax, and my student loan payments, for the first time in my life, perhaps in a nick of time. The property in question was built by my deceased grandfather, and we will do everything we can to hold onto it.
If anyone could point out some basic steps, I would be very grateful.
Thanks,
Ben