selling my residential unit
I'm 72, single, pensioner living alone in my only unit since 2003 in Qld. I decided to sell my mortgage free unit max $500k to pay $240k entering fee for a retirement unit and pay $200k to my 2 adult children($100k each), and keep the rest in bank account (term deposit) for my emergencies and funeral expenses. I have no other assets rather than a 2012 car worth $9k.
FYI: my daughter is single,non homeowner lives in Qld, my son is married, homeowner, lives in US.
Q = 1- Is it ok to transfer funds to my kids before I die? if not, what is the obligation and how can be resolved?
2-Will they be exempted of paying tax for my contribution from selling my only residential unit (after 17 years) the same as my CGT exemption?
3- To live in a retirement home, will I be considered by centrelink as a homeowner or non-homeowner?
Would you let me know what are the best option I could have to do my wishes.
Than you in advance