On a more pleasant note, you decide to sell and move to a resort area. Subtracting the money you've spent over the years on improvements, your profit is $150,000. With the new tax break for homesellers, you can take that without paying federal capital gains tax, right?

Wrong. Your son owns the house, and he'll owe the tax. But at least his cost basis will be figured from the value of the house when you gave it to him, right?

Wrong again. When he took the gift, he took over your cost basis. His gain is the same $150,000 you'd have, and he'll owe $30,000 in federal capital gains tax.

If your son had waited to inherit the house, he'd have a cost basis of $200,000, current value at the time of death.

These days there's no federal estate tax until you leave more than $650,000 (scheduled to go up gradually to a million.) And that's not counting anything you leave your spouse, which passes tax-free.

And if the property was given away within a few years of your entering a nursing home, its value will still count against your eligibility for Medicaid benefits.

Giving away your home is not always a poor idea. But first discuss the consequences with an attorney who specializes in estate planning. Be frank about your goals, and see whether your luncheon buddies' advice is right for your particular situation.

Sometimes certain problems can be averted by retaining life tenancy (life ownership). Such a provision can take precedence over anything in your will, or any challenge to your will, but again, it has drawbacks.

So it isn't as easy as just picking up ideas at lunch. You shouldn't take other people's prescriptions without consulting your own physician. And you shouldn't adopt their legal strategies without consulting your own lawyer.