<prompt> Human: Hi All,My parents have retired and recently sold their primary home of residence, they want to just travel and rent cheaply for the time being. From what I understand, it doesnt seem like they will need to pay taxes on the money they are receiving from the house which was about 300k. The parents want my brother and I to hold the money for them in case anything happens to them. They are suggesting we open a joint bank account and leave the money in there. We are not concerned about our parents having any ulterior motives and anything malicious from doing this. I just dont think this is as easy as opening a joint account and putting a big deposit in. What are the tax implications or other things we might need to concern before doing this? Thanks! Any insight would be extremely helpful.  <response>: If they want to protect their assets they absolutely should consult with an estate planning attorney. Trying to DIY is a terrible idea and they could loose all their money because they tried to save 1000. 