Back in November, I wrote an article about NOT giving gifts of large value during life and the downside to those gifts. Liz Weston with Nerd Wallet has written about the same topic and it is a very good read. Click here to read her article:
Giving a gift of property, more specifically land, minerals, and homes, can cause significant tax issues for the person receiving the property as a gift. Avoiding probate is key due to the expensive, complicated, and time consuming nature of the process. However, the costs associated with the tax implications of a gift during life can far exceed the cost of a probate.
Work with an estate planning attorney to best establish your assets to pass to your loved ones without worrying about the financial related issues they may have to face.