Quote:
Originally Posted by quasi
There is some ways around this and I cannot remember the exact details if it was a gift or selling it for a dollar but basically transfer ownership to the kids a reasonable amount of time before you die. My wife went through this with when her mom was terminally ill and the house, bank accounts everything was either made joint or totally transferred to all the kids. They totally avoided any type of taxes or probate once the mother passed and moving money and assets around was seamless. Even the car was put in the kids name.
All the kids owned their own places at the time as well so the mothers house was not the primary residence for any of them. In their case they knew death was coming so preparing for it did help a lot financially.
Edit: One of the details that is coming back to me is if the difference in the value of property is higher at sale then when it was transferred to the kids they would have to pay capital gains on the difference.
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If you could remember more about this, and PM me the details I would appreciate it, because I will be going through something similar.