So wanted to get some feedback on this situation.
My parents are in their mid 60s. Both have cancer and likely only a few years to live. They have 3 kids and plan on dividing their estate equally between the the 3 of us.
We all currently live in a very HCOL location. My parents have roughly $2million in assets between their home, savings, and investments.
They were updating their will and the attorney mentioned buying real estate and putting it in the kids names to reduce the tax burden when they pass.
It just so happens my wife and I are planning to move to a LCOL state soon. Ideally we would like to keep our current home to rent out.
Does it make sense for my parents to buy our new home for us? It would be in our name but we would definitely give them some money each month. Then our inheritance can be adjusted accordingly so my siblings still get an equal share.
My parents are in their mid 60s. Both have cancer and likely only a few years to live. They have 3 kids and plan on dividing their estate equally between the the 3 of us.
We all currently live in a very HCOL location. My parents have roughly $2million in assets between their home, savings, and investments.
They were updating their will and the attorney mentioned buying real estate and putting it in the kids names to reduce the tax burden when they pass.
It just so happens my wife and I are planning to move to a LCOL state soon. Ideally we would like to keep our current home to rent out.
Does it make sense for my parents to buy our new home for us? It would be in our name but we would definitely give them some money each month. Then our inheritance can be adjusted accordingly so my siblings still get an equal share.
