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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. While the process can be quick, it requires the seller's signature, and the property ownership is immediately transferred. However, many attorneys, including this office, prefer to use a special warranty deed due to tax implications. Gifting property during one's lifetime can lead to tax consequences, prompting some to wait until death for a stepped-up basis. Alternatives like a transfer on death deed allow for future gifting and can be revoked, unlike a gift deed. For further inquiries, you can contact the law firm directly.
