Just to ad a little information. If you have the property gift to you by your dad, you could be looking at a gift tax situation. The IRS could view the gift of the property as a taxable gift which would be based on the fair market value at the time of the gift.
An Revocable Living Trust would be a great solution in that is will, if structured properly and "funded" will save you a great deal of money and avoid estate or gift taxes. Remeber tax avoidance is legal, tax evation is not.
Look into the material from Lee Phillips at http://www.diyestateplanning.com/ for more info. It is a bit pricey, but a great product.
The advise from Wannabe21 is great advise!
Just to ad a little information. If you have the property gift to you by your dad, you could be looking at a gift tax situation. The IRS could view the gift of the property as a taxable gift which would be based on the fair market value at the time of the gift.
An Revocable Living Trust would be a great solution in that is will, if structured properly and "funded" will save you a great deal of money and avoid estate or gift taxes. Remeber tax avoidance is legal, tax evation is not.
Look into the material from Lee Phillips at http://www.diyestateplanning.com/ for more info. It is a bit pricey, but a great product.
Good Luck