Gifting family home can be tricky process

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If you are getting ready to move out of your longtime home and into more sunshine, you can actually gift your home to a child or friend but that gift will come with a few strings attached. In many countries around the world, once the parents die, the children simply move into the home and take over the master bedroom. While that progression still occurs in the United States, estate taxes, rising home values, job transfers, and the desire for a separate space and different environment have changed the use of the traditional family home. The bottom line is that the home has evolved from basic shelter to the average person's most valuable possession. It needs to be carefully protected, guarded, and even nursed along--much like the responsibilities that took place within the home itself. And the financial value is usually accompanied by priceless memories and experiences, making the family home beyond doubt the ultimate asset. First and foremost, your child or friend's basis in the house...