We added our three children to our deed via a Life Estate with Powers. The three remainderman are designated as Tenants in Common. Looking into the future, when my husband and I pass, will the property be taxed when it is sold, and if they are to divide the proceeds equally, will each one have the responsibility of 1/3 of any amount due? Also, we made this change three years ago. Is this considered a gift, and were we supposed to fill out any forms related to the IRS? Thank you.
