Just yesterday I posted a question over at Trulia titled, "Property Gifting, Taxes and other Obligations".  You are more then welcome to read the details as to why I asked the question but I thought with this blog post that I'd share with you the answers that were given to me.  As a soon to be new home owner via gift, the information provided was helpful but of course not complete.  If after reading the responses I've received and feel that you can contribute to the discussion I'd welcome your feedback.

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Fran & Rowena
Dilbeck Realtors GMAC
http://www.FranAndRowena.com
Trulia Profile for Fran & Rowena

"We also advise you to consult with your tax, financial, legal, and/or estate planning advisors. However, we can direct you to some information on the internet so that you may increase your knowledge of this subject.

California Propositions 58 and 193 - the Riverside County Tax Portal has information here: http://www.riversidetaxinfo.com/riverside_faq_isthereanexclusion.asp

We hope that is helpful."

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Lynn Crosby
Lynn 911 Realty Team
http://www.lynn911.com
Trulia Profile for Lynn Crosby

"You need to contact a real estate attorney and a CPA who can more qualified with all the details handle your file. Brief statements a realtor can potential overlook issues/concerns/ we are not versed in all tax laws and could provide wrong information."

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One specific concern my wife and I have with becoming the owners of this property is that in the sad event that her father passes away there could be an argument by her brothers in regards to the home.  This is also one of the main reasons her dad wants to give it to us now so that we avoid that possibility.  In addition to our original question on Trulia Voices I'd like feedback in regards to wether or not her brothers can try to take the home away from us even if we've been the documented owners for months or years.