I have a situated whereby an elderly married gentlemen who is asset rich, his main residence alone valued at over 2 million has been making yearly transfers of his rental properties to his children. That is share in hos property so say 20% a year has been transferred over.
My understanding is that these transfers are PETS and if he were to die within 7 years they would form part of his estate. Would it have not been better to not make yearly transfers of his rental properties and instead on death the assets would pass over to his wife?
Thank you
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