salt&light
Junior Member
What is the name of your state (only U.S. law)? California
3 kids are named on title to dad's house. His name is not on it anymore. This was done about 3-4 years ago. Dad did this in case his wife would need to go in a nursing home thus protecting the house for the kids. It is my understanding that after his death, if the kids were to sell the house, they would have to pay taxes on the gain, which would be a huge amount. The kids would lose a tax break that they would have it they were not on the title. Is there any way to minimize this huge amount on the gain? If he were now to but the house back in his name only, would his wife still be eligible for help with Medi Cal?
3 kids are named on title to dad's house. His name is not on it anymore. This was done about 3-4 years ago. Dad did this in case his wife would need to go in a nursing home thus protecting the house for the kids. It is my understanding that after his death, if the kids were to sell the house, they would have to pay taxes on the gain, which would be a huge amount. The kids would lose a tax break that they would have it they were not on the title. Is there any way to minimize this huge amount on the gain? If he were now to but the house back in his name only, would his wife still be eligible for help with Medi Cal?