Q: Can I gift my mortgaged house to my daughter now, (pre death), to avoid probate or other issues after my death?
I am currently making a will/trust who names my daughter as beneficiary of my property, however, I am unclear about a mortgaged property and how it is handled.
A: There are potential income and tax consequences depending on when you make the transfer and how you accomplish this----as such, I recommend that you at a minimum, seek a consultation with an estate planning attorney to discuss your objectives and how to accomplish them---and if, after meeting with the attorney (s), then you might want to hire one to represent you in this. Good luck.
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