Transfer Ownership B4 Death? Gift Taxes ?

Guest

I am a bit confused as to the most effective way to transfer the deed on property before an expected death. I called the County Clerk office in
Fort Worth TX and was told that a Quit Claim could only be filed to remove or add someone to the title but not to transfer it from An Individual to another individual?

Also, will gift taxes be owed on the property? What tax fees are involved?
Is it better to pay a sum for the property than to file it as a gift?

Thanks!

Guest

Also I need to be certain that the method of transfer is the most secure against legal claims by others seeking self assumed right to inherit said property.

jenkin7 · Posted: Tue Jun 09, 2009 10:29 pm Post subject:

Hi Texasland,

You can use a warranty deed to transfer the title to the property. A warranty deed comes with a guarantee that the owner has a free and clear title to the property and there is no lien against it. Thus, transferring title through a warranty deed is much secure than doing it through a quitclaim deed.

You will have to pay taxes for transfer of property, no matter whether you transfer it as a gift or sell it for a certain amount of money. However, there are gift tax exemptions which you can avail, when you transfer the property as a gift.

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