@Opus 17 @Anonymous_ Thank you so much for you valuable input!
So I understand now that by German law it will be a (conditional) gift, by US law a "life estate". Since for the US it is a life estate, do I have any reporting duty on it after the transaction the way I would have to report a gift?
Also, you mention that "A life-estate may receive a stepped-up basis" - what does the MAY depend on? What factors need to be considered and how do I find a professional who could give advice and is knowledgeable with both jurisdictions? Do you have any recommendations?
Many thanks again!
