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I own 10 acres in Washoe County in Nevada. The assessed

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I own 10 acres in...
I own 10 acres in Washoe County in Nevada. The assessed value is $1,050. The annual property tax is $28.39. I want to give it to my son. Which is the best way to do it. 1, by Quick Claim Deed now or 2, just leave it to him in my will. I am currently 69 year old.
I own no money on the property and there are no leans on it.
Michael Hadrych ***@******.***
Submitted: 1 year ago.Category: Real Estate Law
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7/28/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,086
Experience: 17 years real estate, Realtor. Landlord 26 years
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Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Yes, your simplest option is to just to do a quitclaim deed from you as the grantor over to son as the grantee, sign it, notarize it, and then record it. That would complete the transfer and since it is under the statutory $14K annual gift tax exemption, there would be no gift taxes on it.

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So if you want him to have it now, the quitclaim is the best option. Otherwise, you can add him as a "joint tenant with rights of survivorship" on the deed and then he would instantly inherit it once you passed and it wouldn't have to go through probate...

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thanks

Barrister

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