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Realestate gift from parents
Hey guys ! I have a small scenario here. I appreciate any help I can get on this one.
My parents are getting older and want to ensure that their house that’s free and clear stays in the family. My little brother is Autistic and they would like to ensure he’s taken care of to their best ability.
We live in Los Angeles County.
What is the best option for us as they intend to Gift me the property ? I’m looking to avoid tax issues on all fronts.
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Put the property into a trust, make them the trustors and you the trustee/executor of the trust. Then you shouldn't have any issues with the transfer of the property upon their death. You don't need it to be gifted to you, you can just place the property into a trust and that will work just fine for you.