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Can you narrow down your comments a bit so as to define a couple actual questions? The two topics you mention could fill a book with information.
If you have specific questions it will help me to get you an answer much faster..
Ok, first off, the mortgage won't affect the situation one way or the other. Under federal law a lender can't call in a mortgage is someone inherits a property with it and they can continue to pay it until paid off or they refinance in their name. If the property is gifted with a mortgage, the lender could potentially exercise any "due on transfer" clause and call the loan in, but I have never seen this done in 15 years of real estate law as long as someone was paying the mortgage. The bank doesn't care whose name the property is in, as it always stands a collateral for the loan. They just want someone to pay them.
As for state law, the only rules are that it must be done by a deed, to an adult over 18, properly executed and notarized.
If you wanted to leave the property to him via a will, then as long as the value doesn't exceed $5.45 million, there are no federal estate taxes If it is under $3.125 million, there is no NY state estate tax either.
So with a mortgage or without, it wouldn't affect leaving him the property via a will.