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The home is valued at $300-$325 but probably is mortgaged. It isn't clear to me if the transfer of 15% is transfer of 15% of equity or 15% of market value. Since a lawyer is involved, it should be possible to ask what the value of the property would be for income and gift taxes.

It would be 15% of market value.

I agree that estate planning should be done with a living trust.

Interesting suggestion. Is that Revocable? If yes, who would be required to change this trust in the future?

Thanks again for your reply.
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