My mother and father are elderly and in poor health living in Virginia. They want to give/transfer to me a piece of property they own, in return for years of financial assistance. My mother purchased it roughly 20 years ago from my Uncle Joe before he passed away. She paid $6,900 in the early 90's and today the value is assessed via the latest personal property tax assessment in 2007, according to Bladen County NC Tax Office is $23,300. What is the best way for the transfer of property to occur so that I do not incur unnecessary tax or legal implications. The have a warranty deed for the property.
Thanks for any advice you may offer.