Found a spot on the website to do it but it says it's pending. Called Customer Service and it won't let me do anything. I still owe a past due balance I will pay when I get paid next week but I would like to give my phone to a family member now
Until your account/line is paid in full, the phone that is associated with that number will be unavailable to be used on any other line. What MIGHT work (and I don't know if it will or not) is to activate another phone on your line (any Verizon contract phone not active on another line, if you happen to have an older unused one.) Then the deactivated one you want to give to your family member will no longer be activated or associated with your number.
This may or may not work, due to the fact there is a past due balance on the account and you have also cancelled the line - you may not be able to activate a different phone in this circumstance, so the current phone will not be "released" until the account is settled.