[hl0m4n]

gauging general knowledge before speaking to an estate lawyer.

my parents have 2 properties (new york):

primary house: paid off. what is the best way to transfer title to son incurring the least amount of fees/charges?

rental house: 8 years remaining on mortgage. same question on best way to transfer to son? also, any specific tax breaks, etc if withdrawing entire 401k and dumping it on on home?

[kscarrol]

Best to talk to a professional (which I am not!) but each parent can "gift" something like $11 million so it should be as simple as paying fees to transfer the title. At least at the federal level... I have no doubt New York state and likely the county and local folks will want their cut!! I assume NY has a death/inheritance tax.

[chassis]

Call a title company. They register the deeds (proof of ownership) with the local government, generally the county.

For the second scenario, if the debt is not being extinguished by the existing debtor, the new debtor likely will need to apply and qualify. Best to call the holder of the current debt instrument.

Real estate counsel is also good to engage.

[upstatedoc]

i'll take one

[UncleWede]

Consider Living Trust. No transfer taxes upon death of parents, son is the tertiary trustee and just assumes the primary role upon parents' death. Then son can add his heirs on continue the cycle.

[eluded]

You should encourage those parents to donate the estates to charity. Giving real estate to children just encourages entitlement.