What are the benefits of selling my house to a child before I pass away? Posted on July 22, 2011

I have one child who wants the house when I pass and would buy it and then divide the money among my other 3 children. I am thinking of doing this while i'm still alive, by this I mean selling to the one child who wants the house (ex. for 75.000 ) and then divide the money among the other 3 of my children so all is fair. Then I know all is well. What are the advantages and disadvantages when it comes to taxes ect.?

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