Q: My father in law is going to sign the property deed over to us do we need an attorney for this and what forms do we need
A:
You need a real estate attorney. There are no forms unless you are thinking of using a quit claim deed form that you buy at an office supply store or legal forms place on the internet.
Don't be cheap and think you will save a few bucks because if something does not go right then you will end up costing yourself way more in legal fees to get a mess cleared up. Go to a real estate lawyer and have a proper deed prepared. Deeds are not all that expensive.
However, some issues arise. While its swell that your father-in-law wants to give you property, there are gift tax consequences for him if the property is over $13,500 in value. If the land is highly appreciated in value, there might also be a capital gains issue. Also, will he be needing Medicaid any time in the next 5 years? If so, there are consequences there as well. I think your father-in-law needs to sit down with a Medicaid or estate planning lawyer and see what the best way will be for him to transfer the piece of land to you so as to avoid tax and other consequences.
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