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[quote=Anonymous]That’s not a smart way to do it, anyway. Giving a million dollar asset to your sibling now has significant tax implications. It will need to be documented with the IRS as a gift and count against your parent’s lifetime estate tax exemption. Your sibling will also get your parent’s basis, as opposed to a stepped up basis if they inherited it. The estate tax exemption might not matter under the current exemption, but the current level sunsets in the next few years and there is no guarantee what the level will be in the future. It could be significantly less. The best thing you could do here is suggest to your parents that they get some good tax advice STAT. There are probably creative solutions involving trusts that could be structured to let your sibling have use of the house while making it fair for the other heirs, in a way that would also maximize the tax benefits of the inheritance laws. [/quote]
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