My question involves estate planning in the state of: Indiana
A father bought two residential rental properties in 4/2003.
Instead of putting them in HIS name when taking possession, he put each of them as each being owned jointly by his son and daughter. However, the father continued to treat the properties as if HE owned them.
The father had the rents paid directly to him, and he paid the property taxes and other expenses on both of them.
This arrangement continued until the father's death in 10/2011.
The father did this as a form of ESTATE PLANNING to pass these properties on to his son and daughter.
QUESTION: What are the tax and other implications of this?