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You need local professional advice to make certain that the gifts also follow your state laws.

The transfer could increase property taxes. It depends on your local laws.

You need to be aware that value for gift tax and the cost basis is different. The most likely value for gift tax is the current value. The cost basis of a gift transfers with the gift. You will need to provide the family members with appropriate documentation for them to establish the cost basis.

Mistakes with transfering real estate can be very costly and can not be undone. Seeking professional advice first is necessary to avoid unpleasant and costly surprises.

Debra
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