What is the name of your state (only U.S. law)? California.
I have a parcel of land in the Bahamas that I want to give to my Son.
It is worth about 20k.
I would like to give him the property over two years to avoid any gift taxes.
If there is a way to transfer it in one year that would be easier.
I know the official transfer need to be done in the Bahamas for the title.
There are some probate issues that we are working through but it could take through this year to clear them up.
What I want to know is what type of transfer documentation can I do for tax purposes until the official transfers can be completed in the Bahamas.
My concern is that at 92 and I want to give the property to my son so it does not get tied up with the estate, if I don't survive the next year/s.
Can I just do a "quit claim deed" for 50% this year and the other 50% next year?
One Idea I had was.
"quit claim deed" for 100% of the property, to protect if I pass away before transfer can be completed. Would this work to remove the property from my estate ?
And
"quit claim deed" for 50% of the property this year
"quit claim deed" for 50% of the property Next year
I would noterize them but not file them with the state.
Thanks
Mindy
I have a parcel of land in the Bahamas that I want to give to my Son.
It is worth about 20k.
I would like to give him the property over two years to avoid any gift taxes.
If there is a way to transfer it in one year that would be easier.
I know the official transfer need to be done in the Bahamas for the title.
There are some probate issues that we are working through but it could take through this year to clear them up.
What I want to know is what type of transfer documentation can I do for tax purposes until the official transfers can be completed in the Bahamas.
My concern is that at 92 and I want to give the property to my son so it does not get tied up with the estate, if I don't survive the next year/s.
Can I just do a "quit claim deed" for 50% this year and the other 50% next year?
One Idea I had was.
"quit claim deed" for 100% of the property, to protect if I pass away before transfer can be completed. Would this work to remove the property from my estate ?
And
"quit claim deed" for 50% of the property this year
"quit claim deed" for 50% of the property Next year
I would noterize them but not file them with the state.
Thanks
Mindy