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A gift deed is a legal document used to transfer ownership of property from one party to another, commonly among family members. The process requires the seller's signature, after which the property belongs to the recipient. However, many attorneys prefer using a special warranty deed instead of gift deeds, mainly due to tax implications. It's often more advisable to wait until the property owner's death for a tax benefit known as a stepped-up basis. Alternative options like a transfer on death deed allow for future gifting and can be revoked, unlike a gift deed. For more information, you can contact the speaker at the provided phone number or email.
