Inheriting a house vs other options
I’m set to inherit my remaining parent’s house (owned free and clear) through a revocable trust, but said parent is vulnerable to scammers and I don’t live in the US. For tax purposes, what is best:
- Having ownership transferred to my name only;
- changing to an irrevocable trust;
- “buying” it privately with debt discharged at death of parent OR ownership reverting to other siblings if I pass first. Based on some research, I believe this has to be a legal document done through a lawyer?
Other info: ・I CAN come back to live in the US if necessary, would that help for the tax basis? ・I have no intention to sell. At all, if possible. ・The house is willed only to me, my siblings have other assets willed to them. ・Parent is showing signs of age-related dementia but refuses to be tested, so guardianship is on the table if necessary. ・Other siblings cannot really help protect parent either, the circumstances can’t be helped.
Parent IS open to ideas.
Thanks for any insights, ideas, and advice.
Posted Aug 14, 2025, 12:37 AM UTC
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