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URL:  http://boards.fool.com/the-estate-planning-professional-has-indicated-24250903.aspx

Subject:  Re: House transfer: Father to Sons Date:  6/20/2006  4:32 PM
Author:  TMFPMarti Number:  87481 of 121061

The estate planning professional has indicated that when we sell the home in the future, our cost basis will remain what our father paid for the house - which is quite a bit less that what it's worth now. I am not so sure about this and would like to hear what the Fools on this board think. If our cost basis will not be what the home is worth when we transfer the Title, we will have to re-think this idea.

I may be overly harsh, but I think your father should rethink his estate planning professional. While he's right in his statement of tax law, I can't imagine why he didn't slap you all 'cross the face and tell you what a dumb idea this is until you gave in and listened to him. (Actually, your father's basis may have adjusted when your mother died, but the overall point that you'll have a taxable gain when you sell the property is true.)

Heed the first response you got here. There are much better ways to see that your father's assets can be tapped for his care if necessary.

Phil
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