Reply #8: For all us 50-somethings out there (who own a house)

[SoCalDem]

SELL it to your children BEFORE you get sick or you will end up losing it.

if your children will inherit your property when you die, and you do not want to move, sell it, (you have a 500K tax protection). Let the kids "buy" your house so that when something does happen to you, your one and only asset will not be grabbed away from you.

We plan to do this with our 3 sons. they will use our house as a shared investment, and we will "rent" from them. They are at stages of their lives where they can use the extra deduction, and when we both have croaked, the house will surely be worth more than the little bit we still owe on it.

consult a real estate lawyer though..make sure it's all legal..

businesses do this all the time. They sell their assets and lease them back ..