Is your parents' home worth more than it was when they bought it decades ago? Would they want you to pay taxes on the increase if they leave it to you when they die? You generally wouldn't have to, but if they use certain probate-avoidance techniques, you could accidentally lose the step-up in basis that would otherwise be available to you. After all, you wouldn't want your kids to suffer because you didn't properly handle the transfer of assets when you die.

Make sure to avoid the pitfalls (and unnecessary extra taxes).  Watch my YouTube video for a full explanation of what a step-up in basis is and what it means  at https://youtu.be/kui0cGOZyh4, and read the accompanying article at http://www.legalees.com/step-up-in-basis.

Lee Phillips

P.S. Check out my Accumulation and Preservation of Wealth set for all the legal tools you need to set up your estate properly.