Whats the best way to gift a home to my children without a hefty tax liability?

When giving a piece of property to a family member as a gift, there are benefits to getting gift deed tax treatment. One of the tax basics behind gift deed tax treatment is that the property is being transferred without the beneficiary paying anything for the benefit of ownership. The transfer would be a “gift” by the original owner and the beneficiary (here, your children) would be receiving the gift based on your “love and affection” for them. Another term for this kind of transfer is a quitclaim deed – which gifts property in the same way as a gift deed. Once a gift deed is executed, the grantor (here, you would be the grantor) gives up all rights to the property being transferred. Keep in mind that a gift deed transfer cannot be undone by the original transferor – so it is important to make sure that you give up all rights to your property only when you are 100% certain that you are ready to make that decision.