real estate transfer

[shlobb13]

What is the name of your state (only U.S. law)? NY

My parents are expecting to receive goverment benenfits when they retire (very small SS payments and no assets outside of primary residence) and are concerned about long term care. If they transfer their primary residence to my name (no mortgage) and i decide to sell the property while they are still alive, is there a way to avoiding capital gains taxes and the 5 year lookback period. I am an only child and I would live with my parents when i buy another property.

TIA

 

[LdiJ]

What is the name of your state (only U.S. law)? NY

My parents are expecting to receive goverment benenfits when they retire (very small SS payments and no assets outside of primary residence) and are concerned about long term care. If they transfer their primary residence to my name (no mortgage) and i decide to sell the property while they are still alive, is there a way to avoiding capital gains taxes and the 5 year lookback period. I am an only child and I would live with my parents when i buy another property.

TIA

There is no way to avoid the 5 year look back. Capital gains tax could only be avoided if you make the property your primary residence for at least two years before you sell it.

 

[tranquility]

There could be some value to a ladybird or life estate transfer deed. Have parents see an estate planning attorney so the best plan can be made on the exact facts and goals.

 

[shlobb13]

thanks very much for the info, i was under the impression that an irrevocable trust might be a way to avoid the lookback period but i will definitely heed your advice and speak to a professional