Gift of land

[jimyde]

My mother and father in law own the 5 acre lot next to our home in FL. It is valued, per the tax apprasial, at $55K. They would like to give it to my wife and I. How is this best accomplished to minimize taxes? If they give it to us, I assume they are responsible for gift taxes. Can they sell it to us for some very low price?

 

[Tracey]

They can give you 10k each year until it's all yours; they can put the land in a living trust; they can give you 1/2 the land (over 3 years) until you each own 1/2, then register as joint tenants with right of survivorship.

They should see an estate planning lawyer/read a book from the library about this.

Tracey

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.