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One advantage of this "do of the above family members and the parent forgets to somone must open a probate to get property into a Personal Representative, and then distribute sell to someone else while into the "estate," and state.
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Gifting Assets Before Death: The Pros, Cons, and MisunderstandingsGifts given in the 3 years before your death are taxed at 40%. Gifts given 3 to 7 years before your death are taxed on a sliding scale known as 'taper relief'. Let's look at the pros and cons of passing on your wealth early and how to gift property before death to the people and causes you cherish most. Gifts of property before death will avoid probate but may involve other considerations, such as increased taxes and liability for debts.
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