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    FMV Conveyance

    Is there any other circumstance whereby a parent can convey property directly to a child at FMV other than:

    a) outright sale at FMV.
    b) decedent's estate.

    #2
    I only know this

    The outright sale can be structured in such a way that the parent has the right to live in the house as long as he or she lives and is able and I believe that it can be structured in such a way that the child can't set foot on the property without permission while the parent is using as his or her main home.

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      #3
      Yes. but

      Yes but if such an arrangement is consummated, will the heirs have stepped-up basis?

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        #4
        I think

        their basis would be what they paid for it which might of course be more or less than its value when they are able to take possession.

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          #5
          Google either Lady Bird Deed or Enhanced Life Estate Deed. If your state permits something like one of these, then it should work.
          Last edited by solomon; 11-17-2008, 05:51 PM.

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