Legal Question in Real Estate Law in Pennsylvania

How can the children own their parents' home?

My parents own 5 acres with a home on it. They have divided off 1.5 acres and put a new home on that. The old home and 3.5 acres will be sold. My brother, sister and I would like to have the new property in our names and not our parents for estate planning purposes(possible nursing home stays for my parents). There is no lien on either property. My parents own them free and clear. What is the best way to put the new property in us childrens' names and the best way to avoid big tax payments? thank-you


Asked on 2/16/00, 9:44 am

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: How can the children own their parents' home?

Since I do not give tax advice at all, and only advise clients with respect to property in PA or NJ, I can't really answer your question at all.

However, I caution you to consult with a lawyer specializing in tax and elder law in the state where your parents reside. Transfer of their home to the children may disqualify your parents for a period of time from eligibility for benefits to assist with any nursing/home care they may need. There are also tax advantages to be gained by inheriting a parent's home rather than having it transferred to children during the parents' lifetimes.

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Answered on 2/22/00, 5:41 pm


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