The Fernandez Real Estate Team - Hunt Real Estate ERA

08/05/2026

07/06/2026

DO NOT LET YOUR PARENTS GIFT YOU THEIR HOUSE OUTRIGHT.

"I'm retiring and passing the house to you."
"Dad, hold on. You better not put it in my name."
"What? Don't you want it?"
"Of course. But you've owned it more than 30 years and it has appreciated a lot. If you transfer it to me now, I owe the capital gains tax when I sell."
"How much could that be? I bought it for $60,000 and it's worth $600,000."
"If you signed it over and I sold today, I'd owe about $126,000 in capital gains."
"That's a lot. So what do I do instead?"
"Put the property into a living trust and name me as beneficiary. When you pass, I inherit it tax-free through a stepped-up cost basis."

How to do it:
Get a copy of the current deed. Prepare a new deed (quitclaim or grant) with you as grantor and the trust as grantee. Sign and date before a notary. File it at your local land records office.

Once complete, the home is held in the trust.

05/28/2026

New Seafood spot in Lockport, NY 🦞

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