Transferring parents house to children?
Hello all!
My mother was interested in transferring ownership of her house to me once she passes away and I was curious as to what the best strategy would be? I was originally looking into an irrevocable trust, as she will be on Medicaid and would avoid a spend down of the house, but I’ve also seen transfer of deed working just fine, and giving the house as a gift. I’m just looking for the best way to maximize tax savings and making sure the IRS gets little to nothing of what we have. Any and all information is greatly appreciated! Thank you!