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Summary: Who should gift their house outright? Connecticut and New York have some type of a present tax and property tax as well. Another different would be to promote your own home to your kids for $600,000 and lend the $100,000 to $150,000 to them. They may need a down cost of 20%, or $120,000, to buy the property from you, and will finance the rest with a mortgage from a financial institution. Another advantage of this process is that each one property not dealt with through one of the different strategies will routinely go into the estate, and be lined by the laws of intestate succession. Unlike a Trust, the mother or father doesn't want to recollect to deed the property into the estate – it's automatically “in the estate” unless put in a belief or deeded through one of many above methods. Thus, if there's only a Trust, but no Will, and the parent forgets to put property into the Trust, at least there is a authorized methodology to get the relaxation of the property into the palms of a family member.(Image: https://i.ytimg.com/vi/saM93Jyuaas/maxresdefault.jpg)external site