Thank you, Sir.  I use that term loosely.  

I would ask:

Is there a mortgage or HELOC or any financial stipulation on the property?

Is this the parent's own residence or some rental or a vacation home they never use? Will she be living there as her primary residence?

Is it transferring furnished?

Assuming the parents are going to continue to reside in the home, the parents should be listed on the deed for life estate or tenancy rights.  It will enable the parents to continue to be eligible for a homeowner's HO3 type insurance policy (owner occupied) and (in many states) the parents will continue to be eligible for a variety of senior benefit rebates, programs, etc. that require home ownership. 

Yes, 709  https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

"....Thank you, Sir.  I use that term loosely."  

Sounds as if The Godfather knows Jeff 😉

Hey, I resemble that remark!  😜

@qbteachmt's caution is wise because those who jump in with answers off the top of their head are likely to end up bald.  Say the parents' adjusted basis is $100,000 but last year they borrowed $250,000 on a line of credit.  Anyone else see a tax implication there?  

Perhaps more important, the law in my state says I'm guilty of a misdemeanor if, as a tax preparer, I see elder abuse or neglect and don't report it.  So, what the H is going on here?  The question isn't whether the daughter will apply for Medicaid, it's whether the parents will.  Have they already been to a lawyer who has told them to check with their tax adviser before proceeding with getting assets out of their name?  If it's just your average run-of-the-mill "I didn't save for retirement but I still want to leave something for my kid so I'll plan on taxpayer financing instead" case, then wish them  luck when the daughter's divorce complicates ownership.  

The parents are 45, the daughter is 22.  They gave a vacation home to their daughter that they had paid cash for from lottery winnings back in 2015.  Everybody feel better?  It's going to be a long tax season here if we are going to dissect every question down to its bare bones.

Every question should include the bare bones.  This one was missing several ribs and multiple vertebrae.

A lot of folks posting here have trouble indicating what software they are using so good luck on getting to the bare bones on every question.

I don't need luck because I'm not into getting credit for quick answers for incomplete information.  If details are missing, I can always ask for them, or point out why they are needed.  I don't want others to get the impression that if they have the same question, they can rely on previous guesses.  

If you like, we can all just step aside for awhile and let you field all of the questions so folks can be assured that they get the correct, detailed answer.

Bare bones? This was part of the question originally posed:

"Am I missing anything? Any other insights that may be worth mentioning?"

I wasn't asking for us to be provided the answers. I was offering the questions I would have asked.