Straight forward transfer.
No CGT for parents as disposing of PPR.
No CAT for offspring as under threshold ( assuming no other significant gifts/inheritances)
BUT there may well be stamp duty - even though each is taking less than 125K Revenue may ( I don't have the answer to this) regard it as a series of related transactions and view stamp duty due as 50% of 7.5% of 275K.
But by far the most efficient way to deal with this is to leave it by will on death where there will be no stamp duty.
mf
Do you think it is a wise move to break into ones threshold for appeox. €100k? Personally I don't think this is a wise move.
Do any of the sibling live in the family home?
The is an exemption in relation to CGT, which states that an individual (sibling or close family member) is not regarded as a chargeable person in relation to CGT provided they meet certain standards. One of which includes holding no life interest in any other property.
Really what should be done is to make sure that you of the sibling fulfills necessary requirements for the exemption and that the house is transfered solely to this person.
The sibling who now owns the house enters into a legal agreement in which he/she states that each of the four siblings is entitled to 1/4 share upon death of both parents. This means that no stamp duty will be applicable.
I realise this is not the simplest way to transfer ownership of the house but, in my opinion, it is the most tax efficient!
You can create trust etc... to avoid falling at the life interest fence of the CGT requirements.
The above work better if the house isn't transfer until after parents death and the will states that requirements must be met for ownership to change hands.