Once you are the title owner, you will need to apply for your own STAR exemption. If there are other exemptions (senior, veteran) to which you are not entitled, you need to inform the Dept of Finance to "restore" the taxes accordingly.
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It won't have any effect on the star exemption or any other exemption they have. It will take the house out of their estate and allow them to live their the rest of their lives while still benefitting from any tax exemptions.
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It will not effect the STAR or any othere xemptions they are entitled to. It will ease any ownership issues regarding the property after your parents pass away.
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