Tips for transferring your home

I want to sell my home to my daughter for a dollar. Is this something I can do myself, or do I need to see a lawyer? We retired in Florida. Our condo is owned by our New York “Living Trust.” Is this OK? Also, I want to make some changes to my trust and will; can I just make and initial the changes? Properly planning your homeownership and estate plans is significantly less expensive than having to fix problems later. While individuals can legally draft a will, trust or deed for themselves, it is not wise to do so unless they are knowledgeable and qualified to do so. While I am sure that you can find an appropriate-looking form on the internet, there is a good chance it could have unexpected ramifications. Additionally, any transfer of a home is technically a sale, and there may be taxrelated consequences to transferring a property to your child. For example, your transfer might impart a hefty “gift tax” from the Internal Revenue Service on her, or you may owe transfer tax, known as “documentary stamps,” to the state. There is much more to properly transferring the title to your property than signing on the dotted line. Finally, no, do not make changes on your trust or will and initial them. This is not an effective method of making changes to these important documents. Out-ofstate trusts can own property, but it is important to at least have them checked when you move to another state, since the laws of the state that you live in can have a great effect on your trust.