2 yrs ago my father going on advice of his lawyer in an effort to avoid estate taxes and avoid issues concerning a will, medicare, etc., "gifted" his property/house to his 5 children for "$1". In another forum/site, I was told that this only opens the road for higher capital gains taxes. Is this so, and is there a better way it can/could've been done. I am not very familiar with RE tax laws or inheritances, so could someone tell me some of the ways that transfering property to family members could be done and the (dis)advantages of the different ways this could be done? ie; will vs gift vs sale vs ??? Also could his gift be given back to reverse what was done 2 yrs ago without tax (or other) consequences?
