GPNA Tip of the Week: Gifting Real Estate
Associate attorney G. Nolan Thomas summarizes the latest South Dakota Supreme Court case Field v. Field on the topic of gifting. A person making a gift, the “donor”, will have their intent judged by a South Dakota Court at the time the gift is made. Additionally, if you plan to gift the real property at a discount under a contract for deed, be careful about how you classify the ownership interest of the person receiving the real property, the “donee.” A gift of real property to a husband and wife as joint tenants with rights of survivorship will be considered convincing evidence of the real property’s status as marital property.
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