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A gift deed is a legal document for transferring property ownership, typically used among family members. While the process is quick, it requires the seller's signature, after which the property fully belongs to the recipient. However, it is not commonly used due to potential tax implications; many attorneys prefer special warranty deeds instead. A significant reason for this preference is the ability to wait until the giver’s passing to take advantage of a stepped-up basis for tax purposes. Alternatives like transfer on death deeds can be considered, as they allow for future gifting and revocation, unlike gift deeds. For further inquiries, contact the provided phone number or email.
