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A gift deed is a legal document that transfers property ownership from one individual to another, typically used among family members. The process requires the seller's signature, and afterward, the property belongs solely to the recipient. However, many attorneys prefer not to use gift deeds, opting instead for special warranty deeds due to potential tax implications. It may be more advantageous to wait until the donor's passing to transfer the property, allowing for a stepped-up basis in taxes. Alternative options, like a transfer on death deed, exist, which can be revoked and allow for future gifting. For further inquiries, you can reach out via phone or email.
