How do you transfer land from a parent to their child?
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How do you transfer land from a parent to their child?
Is it based on the value of the land? If so, how do you determine as equitable value of the land to ensure a recovery of the property if the parent requires long term care?
Asked on February 7, 2013 under Estate Planning, South Dakota
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
Title to land can be transfered by grant deed from the parent to the child; it may be appropriate obtain a FHA appraisal to determine the value at the time of transfer. However, be warned if the transfer is to a minor child, then you cannot get the property back with out a court action in the probate court to protect the minor.
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