Selling the family home for early inheritance

By Noel Whittaker
Updated May 19 2017 - 9:53am, first published April 25 2017 - 6:40pm

My father is 95, a widower, and no longer able to live in the family home. He lives with us, and that is going very well. Rather than see the house fall into decline, he has decided to sell it, which we think is a good idea. He then said he wishes to share the proceeds equally among the four children before he dies, partly to stave off a potential problem with one of the four of us, who may prove difficult. Is he allowed to do this? What are the tax implications for him and us? I would estimate each share to be in the vicinity of $150,000 to $200 000.

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