house

What is the name of your state? New York
My aunt has put her home into her childrens names so as to avoid taxes for them upon her death. She has now been advised that this was not a good idea but has been told it is too late to change it back. Is any of this good advice?:

confused:

A revocable living trust would have been a better way.

Just giving the house to her children would subject her to gift tax, which could be huge. It is probably too late now to change back.

Better consult a tax advisor.

On these types of financial activities, always consult the professional before doing anything. A little tax planning will save a lot of headaches.