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Originally Posted by genchan
I'm not sure if anyone here will be able to answer this, but I thought I'd ask. My parents have most of their money tied up in their house. They have plenty of cash for their retirement, but want to begin giving us (their kids) the value of the house. In this situation, what is the best way to have the house transferred over without implementing lots of taxes?
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They need to talk with a lawyer about this. If they end up needing nursing home care and have to apply for welfare to help pay the costs, there are certain ramifications if they have given their assets away in a certain time frame. It can be quite a mess and taxes won't be the biggest problem.
Gail