Get Az-051-78

From this perspective, if you are inclined to give, you should gift as much as you can comfortably afford during your lifetime, while remaining aware of the available step-up in capital gain basis for inherited assets. So, gift your assets that have minimal gains and save your most appreciated assets for inheritance.

A quitclaim deed is commonly used to: Transfer property to or from a revocable living trust. Transfer property as part of a divorce settlement. For example, as part of a divorce agreeemnt, a husband might execute a quitclaim deed to his wife, to give up any interest he might have in the family home.

As with any conveyance of realty, a gift deed requires a complete legal description of the parcel. Recite the source of title to establish a clear chain of title, and detail any restrictions associated with the property. Finally, the deed must meet all state and local standards for recorded documents.

Your parents can give their house to you if they have complete ownership. They can transfer ownership to you as a gift, where they receive no compensation in return.

Arizona real estate is transferred using a legal document called a deed. A deed allows the current owners (grantors) to transfer property to new owners (grantees). Once the deed is signed, it is recorded in the land records of the county where the property is located.