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Buying house from parents

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vykngs1

Junior Member
What is the name of your state (only U.S. law)? Minnesota

My parents would like to put their house in my name for estate planning purposes. Is there a simple transaction that we can implement to accomplish this without (or with minimal) considering it as a gift and thus avoiding any taxes related to this?
 


anteater

Senior Member
A gift is a gift is a gift...

Where did they come up with this idea?

This is not something to be done lightly. If they are wealthy enough to be concerned with estate planning, then they can certainly afford to seek advice from an estate planning attorney.
 

FlyingRon

Senior Member
I agree with anty. Transferring the property to you by gift now is probably a mistake estate planning wise. The only other option is for you to pay a market price for the property.

How big of an estate do they have and how much is the property worth? You may not even have anything to worry about.
 

nextwife

Senior Member
Why did you title this "buying house from parents" when it appears you have no intention of buying it at all?

There are MANY issues with simply deeding the house now, without proper monetary compensation, including the five year lookback period. Such as do they have other adequate assets to pay for future housing and long term care needs? Are there siblings also entitled to inherit? Even, how long do they wish to continue residing there and is that interest being protected with a life estate? They SHOULD use an attorney for something this important.
 

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